COST: 1.3 $B
NEW YORK, Oct. 27, 2020 /PRNewswire/ -- Elliott Management Corporation ("Elliott"), which manages funds that collectively own a significant interest in DTE Energy Co. ("DTE" or the "Company"), today released a statement supporting DTE's decision to pursue a spin-off of the DTE Midstream business from DTE Energy. Elliott Senior Portfolio Manager Jeff Rosenbaum also commended CEO Gerardo "Jerry" Norcia on the Company's commitment to unlocking value:
"Elliott is supportive of DTE's plan to spin-off the DTE Midstream business, and we applaud CEO Jerry Norcia and the entire DTE team for taking these steps to unlock significant value. We appreciate the engagement and dialogue we have had with DTE's senior management team over the past several months. We believe the new DTE Energy and DTE Midstream will stand as leading companies in their respective sectors. In particular, the transaction will highlight the value of DTE Electric and DTE Gas as two of the best regulated utilities in the U.S. with industry-leading system capital investment and growth, a strong management execution track record and a top-tier regulatory jurisdiction. Additionally, we believe DTE Midstream will be differentiated as one of the only publicly traded midstream businesses operating in the two most attractive U.S. natural gas basins and providing both best-in-class earnings growth and contract coverage. We believe this transaction should unlock significant shareholder value. Both companies are now poised to deliver results and value that exceed what they could otherwise achieve on a combined basis."
About Elliott
Elliott Management Corporation manages approximately $41 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
Media Contact:
Stephen Spruiell
Elliott Management Corporation
(212) 478-2017
sspruiell@elliottmgmt.com
View original content:http://www.prnewswire.com/news-releases/elliott-management-supportive-of-dte-energys-intent-to-spin-off-midstream-business-301160697.html
SOURCE Elliott Management Corporation
DETROIT, Dec. 4, 2019 /PRNewswire/ -- The DTE Energy (NYSE: DTE) Board of Directors today announced that its 2020 Annual Meeting of Common Stock Shareholders will be Thursday, May 7.
Shareholders of record at the close of business March 10, 2020 are eligible to vote at the meeting. Shareholders interested in proposing business from the floor or nominating a person for the position of director from the floor must give notice and certain information to the DTE Energy corporate secretary by the close of business on Jan. 10, 2020.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-sets-2020-annual-meeting-date-300969359.html
SOURCE DTE Energy
DETROIT, Nov. 20, 2019 /PRNewswire/ -- DTE Energy, Michigan's largest energy company, is urging customers to beware of scammers posing as their electric or natural gas supplier. DTE has seen an increase in scam artists targeting customers, claiming to be a representative from the company and asking for sensitive information or immediate payment.
In conjunction with Utilities United Against Scams' Utility Scam Awareness Week across North America on Nov. 17-23, 2019, DTE wants to share the red flags of a utility imposter, whether it be in-person, on the phone, or online.
In recent incidents, scammers pretending to be from DTE have called customers demanding that if they didn't receive immediate payment power would be shut off. These scammers typically demand payment via Bitcoin, Green Dot debit card, Western Union wire transfer, various gift cards or cash. Technology has enhanced the con artists' ability to trick customers, letting them manipulate caller ID to make it appear as if the call is coming from DTE Energy. In some cases, the perpetrators provide call-back numbers that play a recorded greeting similar to DTE's customer service line.
"Our customer safety and trust is a top priority for us. We want our customers to know that DTE would never ask for immediate payment or the need for money wiring through Bitcoin or other sources," said Angie Pizzuti, vice president of customer service. "We are working diligently to combat these scams, and we urge customers to know the red flags of scams so they do not fall victim."
Customers should verify all information before making payments over the phone, and should learn to recognize the red flags:
Someone asks for your DTE account number
DTE Energy DOES NOT ask customers to provide their account numbers. Customers will be asked to validate account information such as the billing zip code, or last four digits of their Social Security number prior to discussing account details to protect our customers' private information. DTE Energy DOES NOT call for payment if the account is in good standing. If a customer is behind on payments, DTE will mail a warning notice, providing the steps to restore the account to good standing and continue service.
Bullying
Alarm bells should ring when someone calls and says a crew is on the way to shut off service unless there's an immediate payment. The more aggressive the caller, the more skeptical customers should be.
Demanding a specific form of payment
DTE Energy does not demand a specific form of payment. In fact, it provides a variety of payment options, including credit cards, debit cards, bank/ACH transfers and more. If a caller insists on payment via a prepaid debit card — especially a specific brand of prepaid card — it is a scam.
On the Phone
At the Door
DTE encourages customers to call the police if you believe the person at your door is a con artist posing as a utility worker.
On the Web
If you suspect you have been fraudulently contacted, call 800.477.4747 to speak with a customer service representative who can confirm the status of your account and make appropriate arrangements for payment, if needed.
For customers in situations where their identities may be compromised, DTE advises all customers to immediately call their local police, take advantage of free credit reporting, watch for new accounts opened in their name and report any unusual activity to DTE immediately.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-tells-customers-to-hang-up-on-imposters-300960368.html
SOURCE DTE Energy
DETROIT, Nov. 19, 2019 /PRNewswire/ -- DTE Energy, a national leader in clean energy, announced today that its electric vehicle (EV) charging station program, Charging Forward, has approved 150 charger port rebates since the program launched earlier this summer.
DTE launched the Charging Forward program to increase EV awareness while offering residential Level 2 charger rebates, and public Level 2 and DC Fast Charging (DCFC) infrastructure enablement incentives to help create a charging network across Michigan. A Level 2 charger provides about 10 to 20 miles of range for an hour of charging, while a DCFC provides about 150 to 210 miles of range an hour, depending on the vehicle model and charger power level.
"DTE is pleased by the level of interest in Charging Forward from both residential and business customers," said Camilo Serna, vice president of Regulatory Affairs at DTE Energy. "Supporting the deployment of charging infrastructure will help facilitate EV adoption and bring about the benefits of transportation electrification to all of Michigan's residents."
Approved Charging Forward rebates as of Nov. 1 include:
One of the first commercial locations to leverage Charging Forward is Meadowbrook Medical in Novi. "We decided to install the EV chargers as a direct result of the DTE Charging Forward program," said Jeff Gosselin, property manager at Meadowbrook Medical. "We had been considering installing EV chargers in the future, but the rebate offered by DTE made the decision to do it now a no-brainer."
DTE also provides a directory of residential and commercial electricians on its website to assist customers with the installation process. Oak Electric, which is one of the listed electricians, has installed EV chargers at its own facility, as well as locations for several Charging Forward applicants.
"In most commercial or industrial buildings, the installations have been smooth, and we have not had to upgrade the electrical service," said owner Gary Pipia. "In most cases, the DTE incentive has covered most – if not all – of the installation costs," he added, noting that DTE listed electrical contractors can help business owners enroll in the program and provide the needed plans and paperwork.
Charging Forward brings the benefits of transportation electrification to Michigan residents and businesses with outreach and incentives to support charging infrastructure growth. The program also encourages DTE residential customers to charge their EVs during off-peak hours, which helps smooth the demand on the electric grid and may reduce electric generation costs, which benefits all DTE customers, not just those who participate in the program.
In addition to Charging Forward, DTE brings more electric transportation to Michigan by forming strategic partnerships and securing available subsidies. DTE helped secure nearly $14M in Federal Transit Administration (FTA) Low-No Grant funding to deploy eight electric transit buses and charging infrastructure for Blue Water Transit, DDOT and SMART, and a Volkswagen Settlement Award of $1.5 million for four electric school buses in Ann Arbor and two in Roseville.
To apply for the incentives or learn more about the Charging Forward program visit www.dteenergy.com/chargingforward (for residential customers) or www.dteenergy.com/chargingforwardbiz (for business customers).
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content:http://www.prnewswire.com/news-releases/dte-energys-charging-forward-ev-program-quickly-accelerates-300961123.html
SOURCE DTE Energy
DETROIT, Nov. 8, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced three senior executive rotations aimed at accelerating the energy company's progress toward enhancing its renewable energy business, development strategies and regulatory priorities.
"In order to achieve our net zero carbon emissions goal for our electric company, we are rapidly expanding our regulated renewable energy business and associated investments," said Jerry Norcia, DTE Energy president and chief executive officer. "These organizational changes are designed to ensure that our renewables expansion is fully aligned with our overall development and regulatory objectives."
Irene Dimitry, vice president, Business Planning and Development, will assume responsibility for the newly created Renewable Energy organization as vice president, Renewable Energy. In support of DTE's carbon reduction commitments and growth projections, the energy company expects to more than double its renewable energy portfolio over the next five years by investing $2.5 billion in wind and solar facilities while significantly expanding voluntary renewable programs. Given the importance and scale of these investments, DTE is tasking Dimitry with structuring and leading this new organization which will be responsible for all aspects of DTE Electric's renewable business.
Don Stanczak, vice president, Regulatory Affairs, will assume the role of vice president, Business Planning and Development. Since 2013, Stanczak has successfully managed DTE Gas and DTE Electric's regulatory initiatives. Previously, he held leadership positions in DTE's Market Planning, Gas Transmission and Storage Operations divisions. In his new role, Stanczak will be responsible for business planning and generation strategy for DTE Electric.
Camilo Serna, vice president, Corporate Strategy, will assume the role of vice president, Regulatory Affairs. Since 2016, Serna has developed strategic initiatives including the execution of DTE's annual strategic planning process. In his new role, Serna will be responsible for developing and managing DTE's regulatory policy and strategy as well as maintaining the Company's relationship with the Michigan Public Service Commission (MPSC).
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-announces-leadership-changes-designed-to-accelerate-renewable-energy-investments-300954564.html
SOURCE DTE Energy
JACKSON, Mich., Nov. 4, 2019 /PRNewswire/ -- With fall in full swing, colder temperatures mean furnaces across Michigan are heating up homes and businesses. Gov. Gretchen Whitmer, Consumers Energy and DTE Energy have joined together to raise awareness of the dangers of carbon monoxide (CO) poisoning and how to prevent it by designating Nov. 4-10 as Michigan Carbon Monoxide Safety Awareness Week.
"Each year in Michigan about 650 people are affected by carbon monoxide poisoning, according to the Michigan Department of Licensing and Regulatory Affairs. Our goal during this specially designated week is to make sure Michigan residents are aware that unintentional carbon monoxide poisoning can occur almost anywhere – in homes, businesses, RVs, cabins, boats, even ice shanties. I urge all Michiganders to become more aware of the dangers of carbon monoxide poisoning, and to take steps to protect themselves against this silent killer," said Gov. Whitmer.
Carbon monoxide is an odorless, colorless and tasteless gas that occurs when there is incomplete fuel combustion of appliances and consumer products or improper venting. This includes all fuels such as natural gas, kerosene, oil, gasoline, charcoal and wood. Appliances that could be affected include furnaces, boilers, water heaters, ovens, fireplaces, portable heaters, generators, gas-powered lawn tools and vehicles.
"We care about the customers and communities we serve and want them to know how to guard against carbon monoxide poisoning by recognizing its signs, symptoms and causes and taking proactive steps to stay safe from harm," said LeeRoy Wells, vice president of gas operations for Consumers Energy.
Symptoms of carbon monoxide poisoning often mimic the flu and can include headaches, nausea, fatigue, dizziness, shortness of breath and stinging or burning of the eyes. Prolonged exposure can cause loss of consciousness and even death. High concentrations of carbon monoxide can kill in less than five minutes.
If you experience these symptoms and suspect carbon monoxide poisoning, leave the building immediately, call 9-1-1 for medical attention and stay out of the building until the problem has been corrected.
"The safety of our customers is a top priority at DTE, and we urge residents to be particularly alert to carbon monoxide danger during the fall and winter heating season when CO exposure most frequently occurs," said Renee Tomina, vice president of gas operations for DTE Gas. "One of the best defenses against CO poisoning is to install a carbon monoxide alarm near all sleeping areas in your home. If dangerous levels of CO are detected, an audible alarm will alert you."
Other tips for protecting against deadly carbon monoxide poisoning include:
For a printable fact sheet on carbon monoxide safety, go to www.ConsumersEnergy.com/cosafety or www.dteenergy.com/co.
About Consumers Energy: Consumers Energy, Michigan's largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties. For more information about Consumers Energy, go to www.ConsumersEnergy.com.
About DTE Energy: DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/colder-temperatures-heating-season-ushers-in-carbon-monoxide-safety-and-awareness-week-300950049.html
SOURCE Consumers Energy
DETROIT, Nov. 1, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced JoAnn Chávez will take on the role of senior vice president and chief legal officer. In this expanded role, Chávez will have overall responsibility for the Office of the General Counsel, Ethics & Compliance and Corporate Security.
"Throughout her time at DTE, JoAnn has applied a strategic focus that has produced significant business value, and coupled with her experience and knowledge of DTE, makes her uniquely qualified for this role," said Jerry Norcia, DTE Energy president and CEO. "JoAnn is a talented executive who embodies DTE's commitment to the communities we serve. Our robust succession planning process has more than prepared JoAnn for this role and I look forward to the many contributions she will make to DTE's success in the future." Chávez will report to Jerry Norcia, DTE Energy president and CEO.
In addition to her DTE accomplishments, Chávez is also a strong advocate for young people. She recently founded the Michigan Hispanic Collaborative, a Michigan non-profit, that focuses on economic equity and provides opportunities for first-generation Hispanic students, like herself, to graduate from college. The organization delivers culturally relevant programming for both students and parents to help bring coherence to the chaos of college access.
Chávez also sits on the Cristo Rey Network and the United States Hispanic Leadership Institute boards of directors; she is the past chairwoman of the Michigan Hispanic Chamber of Commerce board of directors; and was recently appointed by Governor Gretchen Whitmer to the State of Michigan Women's Commission.
DTE's current senior vice president and general counsel, Bruce Peterson, will retire from the company in January 2020. Peterson joined DTE in 2002 and has been responsible for leading the legal affairs of DTE's regulated utilities and its non-utility businesses.
"Bruce has been a valued member of our executive team for the past 17 years; he's been a key advisor to all of DTE's leaders and our board of directors," said Norcia. "I thank Bruce for his wise counsel and wish him well in whatever new challenges he takes on in retirement."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-names-joann-chavez-senior-vice-president-and-chief-legal-officer-300949864.html
SOURCE DTE Energy
DETROIT, Oct. 29, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced that it has priced its previously announced offerings of 2.4 million shares of its common stock at $126.00 per share and 23 million equity units. Each equity unit will be issued in a stated amount of $50 ($1.150 billion aggregate stated amount) and will consist of a contract to purchase DTE Energy common stock in the future and a 1/20, or 5%, undivided beneficial ownership interest in DTE's 2019 Series F 2.25% remarketable senior notes due 2025 having a principal amount of $1,000. The remarketable senior notes are subject to remarketing to commence no earlier than July 28, 2022. The offerings are expected to close on or about November 1, 2019, subject to customary closing conditions.
Total annual distribution on the equity units will be at the rate of 6.25%, consisting of interest on the 2019 Series F remarketable senior notes and payments under the related stock purchase contracts. The reference price for the equity units is $126.00 per share. The threshold appreciation price for the equity units is $157.50 per share, which represents a premium of approximately 25% over the reference price. Under the purchase contracts, holders will be required to purchase a variable number of shares of DTE Energy common stock no later than November 1, 2022.
DTE has granted the underwriters an option to purchase during the 30-day period beginning on the date hereof up to 360,000 additional shares of DTE Energy common stock,. DTE has granted the underwriters an option to purchase during the 13-day period beginning on the initial issuance date of the equity units up to 3 million additional equity units to cover over allotments.
DTE intends to use the net proceeds from these offerings, which are expected to be $295 million from the offering of its common stock or $339 million in the aggregate if the underwriters' option is exercised in full and $1.121 billion from the offering of equity units or $1.268 billion in the aggregate if the underwriters' over allotment option is exercised in full (in each case, after deducting underwriting discounts and commissions but before deducting other offering expenses), for the acquisition of midstream natural gas assets.
Barclays, BofA Securities, J.P. Morgan, Wells Fargo Securities, Citigroup and Scotia Howard Weil are acting as joint book-running managers for the offerings.
The offerings will be made under an effective shelf registration statement, filed with the U.S. Securities and Exchange Commission ("SEC"). This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of securities will be made exclusively by means of a prospectus supplement relating to such securities and accompanying prospectus. Copies of these documents may be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at (888) 603-5847 or barclaysprospectus@broadridge.com; BofA Securities, Inc., Attention: Prospectus Department, 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, at (800) 294-1322, dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue Edgewood, NY 11717, at (866) 803-9204; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, 4th Floor, New York, NY 10152, at (800) 326-5897; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at (800) 831-9146; and Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, NY 10281, Attention: Equity Capital Markets, at (212) 255-6854, us.ecm@scotiabank.com.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading.
FORWARD-LOOKING STATEMENTS
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially. Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in the our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in DTE Energy's public filings with the SEC.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-announces-pricing-of-common-shares-and-equity-units-300947797.html
SOURCE DTE Energy
DETROIT, Oct. 28, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced its intention to commence a registered underwritten public offering of approximately $300 million of its common shares and 23 million equity units, subject to market and other conditions. DTE intends to use the net proceeds from this offering for the purchase of midstream natural gas assets.
Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock in the future and a 1/20, or 5%, undivided beneficial ownership interest in DTE's 2019 Series F remarketable senior notes due 2025 having a principal amount of $1,000. The offering is expected to close on or about Nov. 1, 2019, subject to customary closing conditions. Total annual distribution on the equity units will consist of interest on the 2019 Series F remarketable senior notes and payments under the related stock purchase contracts.
DTE expects to grant the underwriters in the offering of common shares an option to purchase up to an additional $45 million of common shares and the underwriters in the offering of equity units an option to purchase up to an additional 3 million equity units.
Barclays, BofA Securities, J.P. Morgan, Wells Fargo Securities, Citigroup and Scotia Howard Weil will be joint book-running managers for the offerings.
The offerings will be made under an effective shelf registration statement, filed with the U.S. Securities and Exchange Commission (the "SEC"). This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of securities will be made exclusively by means of a prospectus supplement relating to such securities and accompanying prospectus. Copies of these documents may be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at (888) 603-5847; BofA Securities, Inc., Attention: Prospectus Department, 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, at (800) 294-1322, dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717, at (866) 803-9204; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, 4th Floor, New York, NY 10152, at (800) 326-5897; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (800) 831-9146; and Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, NY 10281, Attention: Equity Capital Markets, at (212) 255-6854, us.ecm@scotiabank.com.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading.
FORWARD-LOOKING STATEMENTS
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially. Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in the geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-announces-common-share-and-equity-unit-offerings-300946547.html
SOURCE DTE Energy
DETROIT, Oct. 28, 2019 /PRNewswire/ -- DTE Energy (NYSE:DTE) today reported third quarter 2019 earnings of $319 million, or $1.73 per diluted share, compared with $334 million, or $1.84 per diluted share in 2018.
Operating earnings for the third quarter 2019 were $351 million, or $1.91 per diluted share, compared with 2018 operating earnings of $388 million, or $2.13 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
The DTE Energy Board of Directors declared a $1.0125 per share dividend on its common stock payable Jan. 15, 2020, to shareholders of record at the close of business Dec. 16, 2019. This is a seven percent increase from the previous quarterly dividend of $0.945 per share. The new annualized dividend per share is $4.05, up from $3.78. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
"This dividend increase reflects the company's strong performance and ability to consistently achieve our goals," said Jerry Norcia, DTE Energy President and CEO. "The Board's approval of the increase signals confidence in the company's performance and long-term strategic plan."
Norcia also noted the following business and environmental accomplishments:
Financial outlook
DTE Energy increased its 2019 operating EPS guidance range from $6.02 - $6.38 to $6.06 - $6.40.
"We delivered strong third quarter financial results in our utility and non-utility businesses," said Peter Oleksiak, DTE Energy senior vice president and CFO. "We feel confident we are well-positioned to exceed original guidance for 2019."
DTE Energy also provided 2020 operating EPS early outlook guidance range of $6.47 - $6.75.
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (800) 458-4121 or international: (323) 794-2093. The passcode is 6004989. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Monday, Nov. 11. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 6004989.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2019 operating earnings guidance. It is likely that certain items that impact the company's 2019 reported results will be excluded from operating results. Reconciliations to the comparable 2019 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in the our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 307 | $ | — | $ | — | $ | 307 | $ | 305 | $ | — | $ | (1) | B | $ | 304 | ||||||||||||||||||
DTE Gas | (38) | — | — | (38) | (30) | — | 2 | B | (28) | ||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 60 | — | — | 60 | 66 | — | (2) | B | 64 | ||||||||||||||||||||||||||
Power and Industrial | 49 | — | — | 49 | 58 | — | (1) | B | 63 | ||||||||||||||||||||||||||
— | — | 8 | C | (2) | |||||||||||||||||||||||||||||||
Energy Trading | (14) | 43 | A | (11) | 18 | (13) | 37 | A | (9) | 15 | |||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||||||||||||
Total Non-utility | 95 | 43 | (11) | 127 | 111 | 45 | (14) | 142 | |||||||||||||||||||||||||||
Corporate and Other | (45) | — | — | (45) | (52) | — | 22 | B | (30) | ||||||||||||||||||||||||||
Net Income Attributable | $ | 319 | $ | 43 | $ | (11) | $ | 351 | $ | 334 | $ | 45 | $ | 9 | $ | 388 | |||||||||||||||||||
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the | |||||||||||||||||||||||||||||||||||
Adjustments key | |||||||||||||||||||||||||||||||||||
A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — | |||||||||||||||||||||||||||||||||||
B) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | |||||||||||||||||||||||||||||||||||
C) Asset impairment at a renewable power generating facility — recorded in Operating Expenses — Assets (gains) losses and impairments, net |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | ||||||||||||||||||||||||||||
DTE Electric | $ | 1.67 | $ | — | $ | — | $ | 1.67 | $ | 1.68 | $ | — | $ | (0.01) | B | $ | 1.67 | ||||||||||||||||||
DTE Gas | (0.21) | — | — | (0.21) | (0.17) | — | 0.01 | B | (0.16) | ||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 0.33 | — | — | 0.33 | 0.36 | — | (0.01) | B | 0.35 | ||||||||||||||||||||||||||
Power and Industrial | 0.27 | — | — | 0.27 | 0.32 | — | (0.01) | B | 0.34 | ||||||||||||||||||||||||||
— | — | 0.04 | C | (0.01) | |||||||||||||||||||||||||||||||
Energy Trading | (0.08) | 0.24 | A | (0.06) | 0.10 | (0.07) | 0.20 | A | (0.05) | 0.08 | |||||||||||||||||||||||||
Total Non-utility | 0.52 | 0.24 | (0.06) | 0.70 | 0.61 | 0.24 | (0.08) | 0.77 | |||||||||||||||||||||||||||
Corporate and Other | (0.25) | — | — | (0.25) | (0.28) | — | 0.13 | B | (0.15) | ||||||||||||||||||||||||||
Net Income Attributable | $ | 1.73 | $ | 0.24 | $ | (0.06) | $ | 1.91 | $ | 1.84 | $ | 0.24 | $ | 0.05 | $ | 2.13 | |||||||||||||||||||
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the | |||||||||||||||||||||||||||||||||||
(2) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 587 | $ | (11) | A | $ | 3 | $ | 588 | $ | 608 | $ | — | $ | 7 | D | $ | 609 | |||||||||||||||||
13 | B | (4) | 2 | E | (1) | ||||||||||||||||||||||||||||||
— | — | (10) | F | 3 | |||||||||||||||||||||||||||||||
DTE Gas | 121 | (6) | A | 2 | 117 | 88 | — | 10 | D | 97 | |||||||||||||||||||||||||
— | — | 1 | E | — | |||||||||||||||||||||||||||||||
— | — | (3) | F | 1 | |||||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 158 | — | — | 158 | 188 | — | (2) | D | 186 | ||||||||||||||||||||||||||
Power and Industrial | 104 | — | — | 104 | 146 | — | (1) | D | 148 | ||||||||||||||||||||||||||
— | — | (4) | F | 1 | |||||||||||||||||||||||||||||||
8 | G | (2) | |||||||||||||||||||||||||||||||||
Energy Trading | 12 | 12 | C | (3) | 21 | 13 | 14 | C | (3) | 24 | |||||||||||||||||||||||||
Total Non-utility | 274 | 12 | (3) | 283 | 347 | 18 | (7) | 358 | |||||||||||||||||||||||||||
Corporate and Other | (80) | — | — | (80) | (114) | — | 27 | D | (87) | ||||||||||||||||||||||||||
Net Income Attributable | $ | 902 | $ | 8 | $ | (2) | $ | 908 | $ | 929 | $ | 8 | $ | 40 | $ | 977 | |||||||||||||||||||
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the | |||||||||||||||||||||||||||||||||||
Adjustments key | |||||||||||||||||||||||||||||||||||
A) MPSC approval of the deferral for the new customer billing system post-implementation expenses — recorded in Operating Expenses — Operation | |||||||||||||||||||||||||||||||||||
B) MPSC disallowance of power plant capital expenses — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — | |||||||||||||||||||||||||||||||||||
D) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | |||||||||||||||||||||||||||||||||||
E) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — | |||||||||||||||||||||||||||||||||||
F) One-time benefits expense reimbursement — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
G) Asset impairment at a renewable power generating facility — recorded in Operating Expenses — Assets (gains) losses and impairments, net |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | ||||||||||||||||||||||||||||
DTE Electric | $ | 3.20 | $ | (0.06) | A | $ | 0.02 | $ | 3.21 | $ | 3.36 | $ | — | $ | 0.04 | D | $ | 3.37 | |||||||||||||||||
0.07 | B | (0.02) | 0.02 | E | (0.01) | ||||||||||||||||||||||||||||||
— | — | (0.06) | F | 0.02 | |||||||||||||||||||||||||||||||
DTE Gas | 0.66 | (0.03) | A | 0.01 | 0.64 | 0.49 | — | 0.06 | D | 0.55 | |||||||||||||||||||||||||
— | — | 0.01 | E | — | |||||||||||||||||||||||||||||||
— | — | (0.02) | F | 0.01 | |||||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 0.86 | — | — | 0.86 | 1.04 | — | (0.01) | D | 1.03 | ||||||||||||||||||||||||||
Power and Industrial | 0.57 | — | — | 0.57 | 0.81 | — | (0.01) | D | 0.81 | ||||||||||||||||||||||||||
— | — | (0.03) | F | 0.01 | |||||||||||||||||||||||||||||||
0.04 | G | (0.01) | |||||||||||||||||||||||||||||||||
Energy Trading | 0.06 | 0.07 | C | (0.02) | 0.11 | 0.07 | 0.08 | C | (0.02) | 0.13 | |||||||||||||||||||||||||
Total Non-utility | 1.49 | 0.07 | (0.02) | 1.54 | 1.92 | 0.09 | (0.04) | 1.97 | |||||||||||||||||||||||||||
Corporate and Other | (0.44) | — | — | (0.44) | (0.64) | — | 0.14 | D | (0.50) | ||||||||||||||||||||||||||
Net Income Attributable | $ | 4.91 | $ | 0.05 | $ | (0.01) | $ | 4.95 | $ | 5.13 | $ | 0.04 | $ | 0.22 | $ | 5.39 | |||||||||||||||||||
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the | |||||||||||||||||||||||||||||||||||
(2) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-strong-third-quarter-2019-results-increases-2019-guidance-provides-2020-early-outlook-and-increases-dividend-7-percent-300946095.html
SOURCE DTE Energy
DETROIT, Oct. 24, 2019 /PRNewswire/ -- Michigan residents should get a break from harsh weather this winter, as a return to normal temperatures means those using DTE natural gas to heat their homes can expect to see a 6% decrease, or about a $35 savings in their total winter bills, based on average usage, according to forecasts from DTE Energy.
DTE's winter forecasts are based on historical weather and consumption data from both the National Weather Service and DTE's internal sources. "We take the current long-range forecasts and compare them to years of historical usage data to make sure we are prepared to deliver the reliable natural gas service our customers count on," said Dan Brudzynski, vice president of Gas Sales & Supply for DTE. "While forecasts may not be perfect, we want to be ready for whatever the winter throws at us."
Customers will also benefit from additional savings for the winter heating season (November 2019 – March 2020) in expected decreases in DTE's cost of natural gas, which is passed on directly to customers. "Our customers' bills are down by almost 30% since 2008 because of a steady decline in natural gas prices," said Brudzynski.
DTE's continued efforts to provide safe, reliable and affordable service, along with a return to normal winter weather patterns will benefit customers throughout the season.
"Our ongoing investments in upgrading and strengthening our natural gas infrastructure, and our strategy of buying and storing gas in advance for the winter season will definitely help customers save money," Brudzynski added.
Customers can take control of their energy use, helping them to lower energy bills even more, by following a number of easy energy-saving steps. Visit dteenergy.com/staywarm for tips and advice for saving money as temperatures fall.
DTE also offers a number of programs to assist customers who are struggling to keep up with their energy bills during extreme weather, and the company encourages customers not to wait to ask for help. Customers should contact DTE as soon as they realize they may have a payment issue. To learn more about DTE's payment assistance programs, visit dteenergy.com/help.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/warmer-weather-and-falling-prices-bring-costs-down-for-dte-energys-natural-gas-customers-300944867.html
SOURCE DTE Energy
DETROIT, Oct. 23, 2019 /PRNewswire/ -- The DTE Energy Foundation today announced that it will provide $400,000 in grants to all state-approved domestic violence shelters across Michigan, from Escanaba to Monroe, in recognition of National Domestic Violence Awareness Month. These 44 domestic violence shelters may use the funds to not only support critical services, but also to provide necessary training for the organizations to ensure future viability. Trevor Lauer, DTE Electric president and board member of the DTE Foundation, and Michigan Lt. Governor Garlin Gilchrist announced the gift today at the YWCA of Metropolitan Detroit Interim House, the largest state-approved domestic violence shelter in Michigan.
"These grants will help thousands of people fleeing from violence, including more than 5,000 children, with both emergency housing and support services to help rebuild their lives," said Lauer. "Survivors often arrive at shelters having been isolated both socially and financially, leaving them without a safety net. The grants will help provide critical services from finding employment and permanent housing to opening a bank account. Equally important, these programs help survivors navigate what can be a very complex criminal justice system."
In Michigan, more than 2,600 survivors may require some form of assistance on a given day. The support provided by the DTE Foundation will be used by individual organizations to increase the number of families that can be helped and enhance programs to help survivors rebuild their lives.
"Providing critical services to survivors is essential both for their immediate safety and for their long-term success as they work to put their lives back together," said Emma Peterson, YWCA of Metropolitan Detroit president and CEO. "We're grateful to the DTE Energy Foundation both for the funds that will support our work in the community and for the statewide lens through which they view this growing crisis."
Gilchrist applauded DTE Foundation's support for domestic violence victims. "Michigan has been a leader in working to end domestic violence, but there is still much more we need to achieve to ensure the safety of our state's citizens. We are fortunate to have generous philanthropic partners in our state who help us address some of our most challenging societal issues. This DTE Foundation grant will support statewide non-profits so they can provide emergency shelter to domestic violence victims and help these survivors along the journey of rebuilding their lives."
Domestic Violence Shelters To Receive a DTE Foundation Grant Upon Application
Family Counseling and Children's Services, Adrian
Hope Shores Alliance, Alpena
SafeHouse Center, Ann Arbor
S.A.F.E. Place, Battle Creek
Bay Area Women's Center, Bay City
Children and Family Services of Southwestern Michigan/Safe Shelter, Benton Harbor
Women's Information Service, Inc., Big Rapids
Cadillac Area O.A.S.I.S, Cadillac
Barbara Kettle Gundlach Shelter, Calumet
HDC/Thumb Area Assault Crisis Center, Caro
Brand County Coalition Against Domestic Violence, Coldwater
YWCA of Metropolitan Detroit/Interim House, Detroit
Tri County Safe Harbor, Escanaba
YWCA of Greater Flint/SAFE House, Flint
YWCA of West Central Michigan, Grand Rapids
River House, Grayling
Domestic Harmony, Hillsdale
Center for Women in Transition, Holland
LACASA, Howell
RAVE, Ionia
Caring House Inc., Iron Mountain
DOVE, Ironwood AWARE, Jackson
YWCA of Kalamazoo, Kalamazoo
Baraga County Shelter Home, L'Anse
End Violent Encounters (EVE), Lansing
Lapeer Area Citizens Against Domestic Assault, Lapeer
Communities Overcoming Violent Encounters, Ludington
CHOICES of Manistee County, Manistee
Women's Center/Harbor House, Marquette
Shelterhouse/Council on Domestic Violence and Sexual Assault, Midland
Family Counseling and Shelter Services of Monroe County, Monroe
Turning Point, Mt. Clemens
Women's Aid Service, Mt. Pleasant
Every Women's Place, Muskegon
Women's Resource Center of Northern Michigan, Petoskey
First Step, Plymouth/Wayne
HAVEN, Pontiac
Blue Water Safe Horizons, Port Huron
Underground Railroad, Saginaw
Diane Peppler Resource Center, Sault Ste. Marie
SafeCenter, St. Johns/Owosso
Domestic and Sexual Abuse Services, Three Rivers
Women's Resource Center Grand Traverse Area, Traverse City
ABOUT THE DTE ENERGY FOUNDATION
The DTE Energy Foundation is the philanthropic arm of DTE Energy (NYSE: DTE), continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.2 million electric customers in Southeast Michigan and 1.3 million natural gas customers in Michigan. In 2018, the DTE Energy Foundation provided $18 million in grant support to non-profits throughout the company's service territories. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in communities across Michigan in a variety of ways, including philanthropy, volunteerism and economic progress. Visit DTEFoundation.com to learn more.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-foundation-announces-first-of-its-kind-funding-for-michigan-domestic-violence-shelters-300943864.html
SOURCE DTE Energy Foundation
DETROIT, Oct. 22, 2019 /PRNewswire/ -- Customers of DTE Energy, Michigan's largest provider of energy efficiency savings, will cumulatively save $626 million on their energy bills over a lifetime thanks to their participation in DTE programs in 2018. This energy efficiency milestone is one of many detailed in DTE's newly released Energy Waste Reduction Report, which outlines the key role the energy company's customers play in making DTE a state leader in energy efficiency.
"When homes and businesses reduce their energy use, we can generate less energy, which can reap benefits for our customers' budgets and the environment," said John Boladian, director of Energy Efficiency, DTE Energy. "Since 2009, DTE's energy efficiency savings program has saved the energy equivalent needed to power a city the size of Ann Arbor, MI with natural gas for two years and electricity for 10 years."
Michigan businesses, such as Hills Fine Wine and Spirits in Bloomfield Hills, MI, have reduced their operating costs through improved energy efficiency and are reinvesting those savings back into their business.
"We got expert advice and with the help of DTE incentives, upgraded to LEDs and installed energy-efficient motors in the refrigerator cases," said Jake Mio, co-owner of Hills Fine Wine and Spirits, who participated in DTE's Business Energy Consultation and Lighting programs. "Our customers noticed the brighter store. We like reducing our carbon footprint and saving about $350 a month on our energy bill."
DTE's energy efficiency team continuously seeks new technologies to help customers reduce usage resulting in reduced monthly bills. The free DTE Insight app that allows customers to monitor real-time energy use from their smartphones was recently enhanced with new features that leverage smart home connected devices including voice integration via Amazon Alexa, smart lightbulbs and smart thermostats. These new features are why DTE leads the way in developing home energy management systems that help customers control their energy bill.
2018 DTE energy efficiency milestones:
What's the latest on energy efficiency?
DTE is fully committed to doing our part to dramatically reduce carbon emissions from DTE Electric. We recently announced a goal to achieve net zero carbon emissions by 2050. To help achieve this DTE is expanding energy-efficiency programs to reduce even more consumption and help our customers save.
For more ways to save, residential customers can visit dteenergy.com/saveenergy and business customers can visit dteenergy.com/savenow. Homeowners with a smart meter can download the DTE Insight app in the Apple App Store or Google Play Store.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-customers-to-save-nearly-626-million-through-energy-efficiency-programs-play-key-role-in-dtes-state-leading-clean-energy-commitment-300943208.html
SOURCE DTE Energy
DETROIT, Oct. 18, 2019 /PRNewswire/ -- DTE Midstream, a non-utility business of DTE Energy (NYSE: DTE), today announced it entered into an agreement to acquire a gathering system and gathering pipeline in the Haynesville shale formation of Louisiana for a purchase price of $2.25 billion in cash, plus a $400 million milestone payment upon completion of the gathering pipeline in the second half of 2020. Under the terms of the agreement, DTE will acquire 100 percent of the assets from Momentum Midstream and Indigo Natural Resources, the primary gas producer supplying the system. Assets that are part of the acquisition include an existing gathering system and a 150-mile gathering pipeline under construction, which will be in service in the second half of 2020. The primary assets gather natural gas produced in the Haynesville shale basin and access multiple major downstream pipelines, including those serving the Gulf Coast.
"DTE's non-utility operations continue to grow, perform well and fit nicely into our planned utility and non-utility mix," said Jerry Norcia, president and CEO of DTE Energy. "This acquisition significantly enhances the strength and diversity of DTE Midstream, adding premium assets in one of the fastest growing and best positioned U.S. shale formations. The successful operation of the Link asset, also purchased from Momentum, demonstrates the operating expertise and value creation DTE Midstream brings to this new system. In addition, the company gains a strong commercial partner in Indigo, one of the nation's largest private natural gas producers supplying the rapidly growing demand in the Gulf Coast region.
"This acquisition is highly accretive, has world-class resources, has excellent access to large markets, and is in the early- to mid-cycle development phase. It checks all of our boxes," Norcia added.
Strategic and Financial Benefits
Closing Details
The transaction has been approved by DTE Energy's Board of Directors and is expected to close in the fourth quarter of 2019, subject to customary closing conditions and regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
Advisors
Barclays is serving as financial advisor to DTE Energy. Shearman & Sterling LLP is serving as legal counsel to DTE Energy, with Dechert LLP assisting with DTE Energy's Hart Scott Rodino filing. Jefferies and Credit Suisse are serving as financial advisors to Momentum. Vinson & Elkins is serving as legal counsel to Momentum, and Kirkland & Ellis as legal counsel to Indigo.
Conference Call and Webcast
DTE will host a conference call today at 8:30 a.m. ET to discuss the acquisition.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (800) 367-2403 or international toll: (334) 777-6978. The passcode is 5773120. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Midstream
DTE Midstream is the energy industry's trusted natural gas storage, pipeline and gathering provider across the Midwest, Appalachia, Northeast and Ontario. The company develops and constructs tailored infrastructure solutions for customers in order to achieve reliable, safe and cost-effective transport and storage of natural gas. DTE Midstream operates highly reliable assets with one of the best safety records in the industry, while always seeking the best value solution for its customers.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
Use of Operating Earnings Information
DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations, and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses operating earnings guidance. It is likely that certain items that impact the company's reported results will be excluded from operating results. Reconciliations to the comparable reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
Forward Looking Statements
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the following: the failure to consummate the transaction, the risk that we will not achieve expected synergies, the risk that the operations being acquired in the acquisition will not be successfully integrated or that such integration will take longer than expected, the risk that the operations being acquired will not perform as expected; and the risks discussed in our public filings with the Securities and Exchange Commission. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2018 Form 10-K and 2019 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-midstream-a-non-utility-business-of-dte-energy-expands-growth-platform-with-acquisition-of-high-quality-midstream-assets-300941119.html
SOURCE DTE Energy
DETROIT, Oct. 15, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its third quarter 2019 earnings before the market opens Monday, Oct. 28, 2019.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (800) 458-4121 or international toll: (323) 794-2093. The passcode is 6004989. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-third-quarter-2019-earnings-release-conference-call-300939002.html
SOURCE DTE Energy
DETROIT, Oct. 10, 2019 /PRNewswire/ -- More than 111,000 Michigan residents hold energy-related jobs today, and the Michigan Department of Labor and Economic Opportunity estimates energy jobs will grow by 6% through 2026. The Michigan Energy Industry Cluster Workforce Analysis, just released by the state, details the outlook for energy careers in Michigan.
"While skilled workers for these positions are in demand, many students aren't aware of the vast array of career opportunities that exist in this sector," says Marcia Black-Watson, industry engagement division administrator, Michigan Department of Labor and Economic Opportunity - Workforce Development. "That's why for one week each October, educators and industry leaders join forces to spark students' interest and encourage them with the theme Get Into Energy."
During Careers in Energy Week, Oct. 14-18, Michigan schools and energy companies will open their doors for tours, hands-on activities, demonstrations and other events. Now in its sixth year, the week is sponsored by the Michigan Energy Workforce Development Consortium (MEWDC), which includes DTE Energy, Consumers Energy, API, Great Lakes Energy, Michigan Electric and Gas Association (MEGA), Lansing Board of Water & Light, and more than 50 industry, workforce and education partners. The MEWDC will also host a contest for high schoolers to further increase visibility of energy industry careers.
"This is a great opportunity for industry, education and government partners to work together and raise awareness of the many career paths in the energy industry," said Tracy DiSanto, manager of Workforce Planning and Analytics at DTE, and co-chair of the MEWDC. "Across the state, students will get a first-hand look at a variety of in-demand careers vital to Michigan's future."
"We're excited for students to learn during Careers in Energy Week about opportunities in Michigan's growing energy industry," said Cathy Hendrian, senior vice president of People and Culture for Consumers Energy. "The next generation of jobs will require a new wave of talented people with the right technical skills to help us embrace a clean energy future for our state."
Careers in Energy Week helps feed the industry's talent pipeline. Energy companies in the consortium have hired more than 3,200 new employees since January 2018 and annually offer students more than 900 internships and co-op positions.
The MEWDC was founded in 2008. Since then, its work to develop the next generation of Michigan energy workers has included:
In addition, consortium members Consumers Energy and DTE Energy have:
For the full list of events taking place during Careers in Energy Week, please go to CareersInEnergyMichigan.com.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
About Consumers Energy
Consumers Energy, Michigan's largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.
View original content to download multimedia:http://www.prnewswire.com/news-releases/careers-in-energy-week-highlights-in-demand-careers-and-job-opportunities-in-michigan-300936871.html
SOURCE DTE Energy
DETROIT, Oct. 9, 2019 /PRNewswire/ -- DTE Energy has named Peter Dietrich senior vice president and chief nuclear officer.
Dietrich, who has nearly three decades of experience in the commercial nuclear industry, is responsible for overall operations at Fermi 2.
Prior to joining DTE, Dietrich served as the chief nuclear officer for the Emirates Nuclear Energy Corporation and Nawah Energy Company. Dietrich also has served in leadership roles for Southern California Edison, including as senior vice president for Transmission and Distribution, and as site vice president and chief nuclear officer, where he led the San Onofre Nuclear Generating Station.
Prior to that, he served in leadership roles within the nuclear industry, including as site vice president at the James A. Fitzpatrick Nuclear Power Station and as general manager of plant operations at Pilgrim Nuclear Power Station.
Dietrich succeeds Paul Fessler, who has served at DTE for more than 41 years. Fessler will remain at DTE to serve as an adviser to Dietrich during the transition.
"Peter's extensive experience and knowledge of the nuclear industry, along with his proven leadership at other nuclear power plants, will ensure Fermi 2 continues to generate clean, reliable power for our customers to the high standards of nuclear excellence," said Jerry Norcia, chief executive officer, DTE Energy. "And, given Paul's decades of leadership with the company and in the industry, he will continue to serve as an invaluable resource to Peter during the transition."
Dietrich, a U.S. Navy veteran, earned a Bachelor of Science in Naval Architecture from the U.S. Naval Academy, where he graduated with merit. He also earned a Master of Business Administration from Tulane University.
"I'm excited and grateful for this opportunity and look forward to serving our customers and the nuclear professionals at Fermi 2," Dietrich said. "As chief nuclear officer, my focus is to continue Fermi's commitment to the health and safety of the public through service excellence, and that commitment will never waver."
Fermi 2, located in Newport, Michigan, employs 900 people.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric aspires to achieve net zero carbon by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-names-new-fermi-2-chief-nuclear-officer-300934891.html
SOURCE DTE Energy
DETROIT, Sept. 26, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced a goal to achieve net zero carbon emissions in its electric company by 2050. This bold new goal sets the framework for DTE to go beyond its existing commitment to reduce carbon emissions 50% by 2030 and 80% by 2040, ensuring its medium- and long-term plans align with the scientific consensus around the importance of achieving significant economy-wide carbon emissions reduction by mid-century.
In early 2017, DTE was the first energy company in Michigan and one of two in the nation to step forward and commit to an 80% carbon reduction goal — a strong move that other energy companies across the country have since followed. Just a few months ago, DTE accelerated its commitment, moving up its 80% carbon reduction goal by 10 years.
"We are fully committed to doing our part to dramatically reduce carbon emissions from DTE Electric," said Jerry Norcia, chief executive officer, DTE Energy. "Setting the goal of net zero carbon emissions for our electric company by 2050 is an important next step that builds on our existing commitments. This is the right thing to do for our customers, business and the environment. We are doing as much as we can, as fast as we can, to provide our customers and the state of Michigan with clean energy that is affordable and reliable. And we invite everyone in the state to join us as we work together to build a cleaner energy future for Michiganders.
"Just as we have played a leadership role in the industry in our carbon emissions commitments, we are committed to playing a leading role and partnering with others to develop technologies that can further reduce emissions," added Norcia. "Additionally, we will work with policy makers to advocate for focused research on carbon offsets, high volume storage and carbon capture technologies."
Achieving carbon neutrality will require further advancements in technology, such as carbon capture, large-scale storage, and modular nuclear facilities.
"As schools, businesses and communities throughout Michigan strive to become more energy efficient, there is a significant opportunity to reduce carbon emissions in a way that provides affordable clean energy, protects our environment and benefits Michigan's economy," said U.S. Senator Gary Peters, a member of the U.S. Senate Committee on Commerce, Science and Transportation. "I welcome DTE's goal to achieve net zero carbon emissions by 2050, and I'll continue focusing on supporting clean energy efforts and technologies in the Senate."
The Center for Climate and Energy Solutions (C2ES) President Bob Perciasepe also applauded DTE Energy for its commitment to clean energy.
"DTE Energy is pushing the envelope with this ambitious mid-century, net-zero target," said Perciasepe. "The great wisdom of this plan is the technology-inclusive approach combining renewable wind and solar along with a focus on needed R&D in carbon capture, zero-carbon nuclear generation and battery storage capability to reach steeper greenhouse gas emission reductions more quickly."
As Michigan's clean energy leader, DTE Energy is on pace to triple its renewable capacity in the next 10 years and has developed some of the largest wind and solar installations in the Midwest. To date, the company has driven investment of $2.8 billion in Michigan-made renewables and expects to double that in the next five years.
Other local, state, and national clean energy advocates also expressed support for DTE's net zero goal:
Michigan Senate Energy and Technology Committee Chair Dan Lauwers, and Representative Joe Bellino, chair of the Michigan House Energy Committee issued a joint statement. "As a major employer in our districts, we have seen DTE fulfill its commitments over the years to provide safe, affordable and reliable power and be a positive local presence in our communities. We applaud DTE's new goal as it sets a "true north" course for Michigan without sacrificing their focus on affordability and reliability."
"The issue of climate control and clean energy are among the most critical concerns that many of us have for not only the next generation but for those living in the current environmental situation," said Rev. Dr. Wendell Anthony, President, Detroit Branch NAACP. "I am pleased to see DTE take the lead in the drive to achieve net zero carbon emissions by 2050. They will play a leading role with industry and government in research and development allowing energy companies to further reduce emissions in some cases even sooner than anticipated. The environment is speaking loudly and clearly to all of us on the issue of climate conditions. I am encouraged that DTE is now speaking back, through technology, wind, solar and renewable energy, declaring that we hear you and now we are increasing our response to you."
"The Clean Air Task Force welcomes DTE's leadership in joining a select group of US companies now totaling nearly 40% of US electricity sales which have committed to net zero carbon emissions by mid-century - the target we need to meet to stabilize Earth's climate. Now the task is to commercialize and deploy the full range of zero carbon technologies that will help us achieve that goal, and CATF looks forward to working with DTE on that effort. The commitment of DTE and its peers to net zero carbon electricity should also be matched by our federal leaders, since it is now clear that the nation's leading energy companies are prepared to meet that goal."
– Armond Cohen, executive director, Clean Air Task Force
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/net-zero-carbon-emissions-goal-announced-by-dte-energy-electric-company-300925740.html
SOURCE DTE Energy
DETROIT, Sept. 18, 2019 /PRNewswire/ -- The energy at Detroit's Beacon Park became even more electric today when Project Kinetic, a unique collaboration between the public, private and philanthropic sectors, launched ChargeD in downtown Detroit. The four ChargePoint DC fast charger stations, the first-of-their-kind deployed in the city, enables people to fast-charge their electric vehicles (EVs) while enjoying the park and learning about the benefits of EVs and mobility technologies. The project, led by DTE Energy with support from the City of Detroit, PlanetM, General Motors and Blue Energy, places downtown Detroit on the roadmap for EV technology and infrastructure deployment while continuing to position Michigan at the forefront of future mobility solutions.
DTE Energy and Blue Energy led the installation of the project, and General Motors brought four Chevrolet Bolts to demonstrate the company's commitment to an all-electric future. Two more chargers will be installed at Capitol Park, a public space programmed and managed by the Downtown Detroit Partnership.
As manager and facilitator of the ChargeD project, DTE Energy was responsible for providing the electrical infrastructure and upgrades for the fast chargers.
"DTE's accelerated path toward a clean energy future is well underway. We are excited to join our customers, partners and community stakeholders as we work together to reduce carbon emissions," said Camilo Serna, vice president of Corporate Strategy, DTE Energy. "We are thrilled to lead the partnership effort to bring DC fast charging to the city of Detroit and we look forward to further deployment of EV charger infrastructure, and bringing the benefits of EVs to our customers."
Blue Energy, a Corrigan Company that works with technology partner ChargePoint, is the owner/operator of the chargers. Blue Energy and DTE Energy will collect and analyze data for all four chargers.
"We're excited to expand our footprint in downtown Detroit with such an extraordinary group of companies and to work in collaboration with our partners to implement this project," said Mike Corrigan, president of Blue Energy.
The ChargeD initiative furthers the City of Detroit's downtown accessibility priority of improving traffic conditions and parking offerings for Detroit residents and visitors.
"Project Kinetic helped build a set of pilots for the City of Detroit that were informed by both Detroiters and the private sector. ChargeD will allow residents, employees and users to have access to fast charging technology, create an opportunity to educate the community about electric vehicles and understand what it will take to scale this program across Detroit. It also helps achieve goals concerning clean air, mobility, and the climate crisis, outlined in the recently released Detroit Sustainability Action Agenda," said Joel Howrani Heeres, director, Office of Sustainability, City of Detroit.
General Motors has a long-standing working relationship with the City of Detroit and sees the ChargeD initiative as an important step in providing fast, easy charging while educating the public about the benefits of EV ownership.
"General Motors is committed to an all-electric future with zero emissions and cleaner air for all. The ChargeD initiative is a positive step forward to increasing the education and awareness of EVs and advancing EV infrastructure in Detroit. The new fast chargers in Beacon Park will help make owning a Chevrolet Bolt EV and other EVs more convenient than ever for people across Detroit," said Jordan Catrine, EV Charging & Infrastructure manager, General Motors.
PlanetM, the mobility-focused brand and business development program of the Michigan Economic Development Corporation, also played an instrumental role in the deployment of ChargeD.
"The ChargeD initiative showcases the opportunities that public-private collaborations bring to our communities," said Jeff Mason, CEO of the Michigan Economic Development Corporation. "By coming together, we're able to successfully identify, create and deploy mobility solutions that address transportation challenges statewide, strengthening Michigan's nationwide leadership in mobility."
ChargePoint worked closely with DTE on the initiative and collaborated with Blue Energy to deploy the right technology for ChargeD. Leveraging the company's fast-charge and software solutions, Blue Energy owns and will operate the ChargePoint Express 250 fast chargers in Downtown Detroit as part of the project.
"ChargePoint is committed to creating solutions that enable the transport of goods and people under electric power and is proud to partner with so many stakeholders to make ChargeD a win for not only Detroit, but electric mobility more broadly," said Rich Quattrini, vice president of Customer Solutions at ChargePoint. "The fast-charge hubs that make up this initiative set an example of how public, private and utility partnerships can be used to drive the electrification of transportation and provide a benchmark for other efforts around the country. This is a significant milestone for EV adoption in Detroit and around the state of Michigan. Public-private partnerships like this are the clearest path forward for communities transitioning to a cleaner transportation future."
NextEnergy and the Downtown Detroit Partnership have also teamed up to develop strategy and planning for educating consumers, businesses and communities about the benefits of EVs via multi-year programming. Support for the ongoing education and programming at Capitol Park is provided by grants from the Michigan Department of Environment, Great Lakes, and Energy (EGLE) and the Michigan Economic Development Corporation/PlanetM.
Formed in January 2018, Project Kinetic is a unique collaboration between the public (City of Detroit, Michigan Economic Development Corporation/PlanetM), private (General Motors, Lear, DTE Energy, Quicken Loans Community Fund, Bedrock Detroit, Boston Consulting Group) and philanthropy sectors with a common goal of identifying and deploying innovative solutions for the toughest mobility challenges facing Detroit. ChargeD is one of five Project Kinetic pilot programs, and the second to launch in the city. The first, Car4You, which provides low-cost vehicle access by the hour in Detroit's Osborne neighborhood, launched in August 2019.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
About Michigan Economic Development Corporation/PlanetM
The Michigan Economic Development Corporation is the state's marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan's economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. To learn more about Michigan's leadership in the revolution in transportation, visit PlanetM.com. Michigan has a unique and vast ecosystem that is leading the way in transforming the way people and goods are transported across all modes of transportation. Join the conversation on: LinkedIn, Twitter and YouTube.
About Downtown Detroit Partnership
Downtown Detroit Partnership strengthens and supports Downtown Detroit through strategic initiatives and programs. DDP convenes business, philanthropic and government partners to create a vibrant and resilient urban core for Detroit and the surrounding community. DDP is responsible for programming, managing and operating several of Downtown Detroit's parks and public spaces. For more information, visit downtowndetroit.org.
View original content to download multimedia:http://www.prnewswire.com/news-releases/innovative-collaboration-led-by-dte-brings-first-network-of-ev-fast-chargers-to-downtown-detroit-300920864.html
SOURCE DTE Energy
DETROIT, Sept. 16, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced it is issuing Requests for Proposals (RFP) for additional solar and wind projects in Michigan. DTE will use these resources to help achieve compliance with Michigan's Renewable Portfolio Standard, source its voluntary renewable energy programs and deliver on its commitment to reduce carbon emissions by at least 80% by 2040.
Through the RFP, the company is seeking solar projects ranging from 25 MW – 200 MW and wind projects ranging from 100 MW – 200 MW. The company will consider projects reaching commercial operation between 2021 – 2023, during which time DTE has proposed adding up to 775 MW of renewable energy assets to its portfolio.
Interested bidders must register their company information on the PowerAdvocate website. Once registered, bidders should enter Event #96722 to view the solar RFP and Event #96689 for the wind RFP. DTE will invite registered bidders to participate by granting access to the full RFP via PowerAdvocate.
DTE is Michigan's largest producer of renewable energy, with 1,200 MW from the 14 wind farms and 31 solar parks in its portfolio. Since 2009, DTE has driven investment of $2.8 billion in renewable energy. Over the next five years, the company will invest an additional $2 billion in renewable energy assets and more than double its renewable energy, generating enough clean energy to power more than 800,000 homes.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-to-request-proposals-for-new-solar-and-wind-resources-300918067.html
SOURCE DTE Energy
NEWTON, Wis., Sept. 12, 2019 /PRNewswire/ -- DTE Biomass Energy, a non-regulated subsidiary of DTE Energy (NYSE: DTE), today announced it has opened its first and the state of Wisconsin's first combined dairy renewable natural gas (RNG) processing and interstate injection facility. With over three decades of experience in landfill waste-to-energy projects, DTE Biomass, along with local dairy farm partners, is leading the way in the Wisconsin dairy renewable energy movement.
The renewable natural gas dairy processing and injection site, located in Newton, Wisconsin, processes raw biogas piped from nearby partner farms into RNG, and also receives RNG trucked in from other dairy farm-based DTE facilities. From here, pipeline-quality RNG is injected directly into the interstate pipeline.
"This injection and RNG processing facility is an important milestone for us," said Kevin Dobson, vice president of business development, DTE Biomass Energy. "DTE's dairy RNG production has grown tremendously over the last several months, and now we have a central location and efficient means for continuing the operation and growth of these and other dairy projects."
DTE began dairy RNG processing operations in the state in the spring of 2019 at Dairy Dreams, LLC, a dairy farm located in Casco, Wisconsin. DTE also has partnered with Pagel's Ponderosa Dairy, LLC, Maple Leaf Dairy, Inc., and Grotegut Dairy Farm, Inc., and is processing biogas produced from these five farms into RNG at three DTE-owned and operated RNG facilities.
Converting waste manure to RNG is a win-win, both for dairy farms and the local environment. Leaving manure to decompose naturally on farmland releases methane directly into the atmosphere. Capturing this gas instead reduces the farms' overall greenhouse gas footprint, provides the farms with another revenue stream and helps create a clean, sustainable vehicle fuel that displaces fossil-based gasoline or diesel fuel.
"Nearly 20,000 cows throughout Wisconsin are contributing to these projects," Dobson notes. "Their waste was once a farmer's burden, but now it's a sustainable and clean source of energy," he goes on to explain.
DTE is currently constructing four more RNG facilities in Wisconsin, partnering with Statz Bros. Inc, Kinnard Farms, and Milk Source at both their Rosendale and New Chester farms. The projects expect to begin processing RNG in early 2020. DTE Biomass will have seven DTE-owned and operated RNG facilities when these projects are complete.
Founded in 1988, DTE Biomass Energy has become a proven leader in the landfill and dairy gas-to-energy industries. It is a part of DTE Power & Industrial – one of DTE Energy's non-utility business units.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-biomass-energy-opens-first-renewable-natural-gas-processing-and-interstate-injection-site-in-wisconsin-300917162.html
SOURCE DTE Energy
DETROIT, Sept. 10, 2019 /PRNewswire/ -- DTE Energy, Michigan's largest energy company will open a customer call center at its North Area Energy Center, an electric operations facility in Cass City, Mich. The company will add more than 100 full-time positions in customer service; the new office will open in early spring of 2020.
The new call center will be an addition to DTE's existing Michigan-based call centers in the Detroit and Grand Rapids areas. It also reflects DTE's commitment to providing jobs to Michigan residents and locally-based support to its customers.
"I am delighted that DTE is expanding its presence in Cass City," said Debbie Powell, village manager for Cass City. "These jobs will offer great opportunities for our local workforce to build a long-term career with DTE, and spur economic growth in and around Cass City and the Thumb Region."
"The new call center in Cass City, with 100 new service representatives will enable us to improve our response time, answering calls quicker and solving problems sooner, said Hank Campbell, director, Call Center Operations. "Additionally, we are pleased to offer new career opportunities in the Cass City area."
DTE will begin hiring and training employees in waves this fall and continue hiring into next year as needed until the center is fully staffed. Postings for these positions can be found at https://careers.dteenergy.com/.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-to-add-100-new-jobs-in-cass-city-300915029.html
SOURCE DTE Energy
ROYAL OAK, Mich., Aug. 22, 2019 /PRNewswire/ -- The Detroit Zoological Society (DZS) took a major step forward on its "Green Journey" today, announcing that the Detroit Zoo will be powered by 100% Michigan-made renewable energy through DTE Energy's MIGreenPower program. The move will offset 7,425 metric tons of carbon dioxide, which is equivalent to the carbon sequestered by 8,740 acres of U.S. forests in one year and is part of the DZS "Greenprint" strategic plan to continuously decrease the environmental impact of its operations. DTE will source the renewable energy from three new wind parks that will come online in late 2020.
MIGreenPower is a voluntary renewable energy program that helps DTE electric customers reduce their carbon footprint and support the development of additional wind and solar energy projects in Michigan. Enrolled customers can customize their participation and attribute up to 100% of their energy use to local wind farms and solar parks.
"Our commitment to sustainability is integrated into everything we do, from our environmentally responsible operations to our community-wide education programs," said Ron Kagan, DZS executive director and CEO. "Joining MIGreenPower is a major step forward for us, as our power needs significantly exceed what we can produce on-site. This program helps reduce our carbon footprint while also supporting local, Michigan-made renewable energy."
The DZS has won four green awards for its sustainability initiatives and achievements and is a nationally recognized leader in environmental education. Sustainable design features at the Detroit Zoo include permeable pavement that diverts rainwater from the storm water drains, an anaerobic digester (the first zoo-based system of its kind) that converts herbivore animal waste and food scraps into compost and energy, and the use of solar/electric hybrid golf carts and bicycles for on-site transportation. The Detroit Zoo is also the first zoo in the country to install a Smartflower, an all-in-one ground-mounted solar panel system that generates more than 4,000 kilowatts of electricity annually.
Waste reduction is also a key aspect of the DZS's "Green Journey." The zoo has eliminated the sale of single-use plastic water bottles as well as the use of plastic bags, straws, and lids. The DZS has also worked with DTE to complete energy efficiency upgrades in more than 50 of the Zoo's buildings and to install Zoo-wide LED lighting.
"We are excited to welcome the Detroit Zoological Society to MIGreenPower as we all work together to protect our planet for our children and future generations," said Jerry Norcia, president and CEO, DTE Energy. "The Zoo joins other well-known Michigan institutions including Ford, General Motors and the University of Michigan, and more than 8,300 individual residential and business customers who are using MIGreenPower to make a positive impact on the environment. This program provides an efficient way to power the Zoo with 100% renewable energy."
MIGreenPower offers DTE customers some important advantages over individual clean energy options. It eliminates the hassle of owning and maintaining additional exterior equipment, and it is less expensive than installing a private rooftop solar system. DTE's MIGreenPower program is on track to be one of the largest voluntary renewable energy programs in the country.
DTE first launched MIGreenPower in April 2017 and introduced an expanded version of the program for large corporate and industrial customers in January. It is part of the company's commitment to reduce carbon emissions 80% by 2040. DTE is developing additional MIGreenPower programs to meet diverse customer needs.
About Detroit Zoological Society
The Detroit Zoological Society – a renowned leader in humane education, wildlife conservation, animal welfare and environmental sustainability – operates the Detroit Zoo and Belle Isle Nature Center. With an annual regional economic impact of more than $167 million, the Detroit Zoo in Royal Oak is one of Michigan's largest paid family attractions, hosting more than 1.3 million visitors annually. Its 125 acres of naturalistic habitats are home to 2,600 animals representing 228 species. The Belle Isle Nature Center sits on a 5-acre site surrounded by undisturbed forested wetlands on Belle Isle State Park in Detroit. It provides year-round educational, recreational and environmental conservation opportunities for the community.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/detroit-zoo-to-meet-100-renewable-energy-goal-300905555.html
SOURCE DTE Energy
DETROIT, Aug. 12, 2019 /PRNewswire/ -- DTE Energy is partnering with Comerica Park to power the stadium with renewable energy through its MIGreenPower program on Wednesday, Aug. 14, including the evening home game between the Detroit Tigers and the Seattle Mariners. The ballpark's "Green Night" will offset 30.6 metric tons of carbon emissions, the environmental equivalent of eliminating emissions produced by an average vehicle driving 75,000 miles. Green Night is part of a broader Tigers initiative to promote sustainability at the ballpark.
The first 10,000 fans entering Comerica Park on August 14 will receive a MIGreenPower reusable cooler lunch bag. Fans who are DTE electric customers also will have an opportunity to sign up for MIGreenPower by visiting DTE information booths located at Gates A and B on the concourse.
"Many of our customers, including the Detroit Tigers, are looking for innovative ways to meet their sustainability goals. DTE's MIGreenPower program enables customers to access more renewable energy, helping them reduce their carbon footprint and their impact on the environment," said Irene Dimitry, vice president of Business Planning and Development, DTE Energy. "We are excited to help the Tigers celebrate Green Night and introduce MIGreenPower to fans visiting Comerica Park. Programs like MIGreenPower are part of DTE's journey to reduce carbon emissions by at least 80% by 2040."
More than 8,000 of DTE's residential and small business customers have enrolled in MIGreenPower, which supports the development of universal (utility scale) wind and solar projects and doesn't require customers to make any exterior alterations to their homes or office buildings. Additionally, there is no long-term commitment or cancellation fees, and no contract to sign up. The program matches a percentage of customers' energy use to local wind- and solar-generated power. Interested customers can easily enroll in the program by visiting migreenpower.com or calling 1-855-613-4445.
Earlier this year, Ford, General Motors and the University of Michigan signed up for the large customer MIGreenPower program and will purchase a total of 1 million MWh of renewable energy annually, enough to power the equivalent of 84,000 homes. Voluntary renewable programs are a key part of the company's initiative to transition to cleaner energy sources. DTE has aggressive plans to grow its renewable energy portfolio and will be introducing new MIGreenPower programs, designed to meet a range of customer interests.
As Michigan's leading renewable energy producer, DTE currently generates enough clean energy to power more than 500,000 homes and will more than double the renewable energy in its portfolio over the next five years.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
About the Detroit Tigers
The Detroit Tigers, Inc., a charter member of the American League in 1901, have won four World Series and 11 American League pennants. The Tigers play their home games at Comerica Park located within The District Detroit, one of the largest sports and entertainment developments in the country. For more information about the Tigers and the Ilitch Companies visit Tigers.com, DistrictDetroit.com and IlitchCompanies.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-powers-comerica-park-with-clean-energy-for-green-night-on-august-14-300899959.html
SOURCE DTE Energy
DETROIT, Aug. 9, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced it has successfully remarketed the DTE Energy Company 2016 Series C 2.529% Senior Notes due 2024. The optional remarketing was completed pursuant to the terms of the governing documents for the notes that were originally issued as part of Corporate Units of DTE Energy on Oct. 5, 2016.
The remarketing is expected to close on Aug. 13, 2019, subject to customary closing conditions. On and after closing, the notes will bear interest at 2.529% per year.
DTE Energy will not directly receive any proceeds from the remarketing of the notes. The proceeds will be used to purchase a portfolio of treasury securities maturing on or prior to Oct. 1, 2019. It is expected that on Oct. 1, 2019, which is the stock purchase contract settlement date for the Corporate Units, a portion of the proceeds of the portfolio of treasury securities required to be purchased with the proceeds of the remarketing will be used to settle the stock purchase contracts issued as part of the Corporate Units. The remaining portion of the proceeds of the portfolio of treasury securities will be distributed to the holders of the Corporate Units.
The offering was made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of notes in connection with the remarketing may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov or by contacting: Wells Fargo Securities LLC, 608 2nd Avenue, South Minneapolis, MN 55402, Attn: WFS Customer Service, Toll-Free: 1-800-645-3751, Email: wfscustomerservice@wellsfargo.com; BMO Capital Markets Corp., 3 Times Square, 25th Floor, New York, NY 10036, Attn: US Syndicate, Toll-Free: 1-866-864-7760, Email: USDSyndicate@bmo.com; Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, Toll-Free: 1-866-718-1649, Email: prospectus@morganstanley.com; or TD Securities (USA) LLC, 31 West 52nd Street, 18th Floor, New York, NY 10019, Attn: Transaction Management Group, Toll-Free: 1-855-495-9846, Email: ustmg@tdsecurities.com.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress.
View original content:http://www.prnewswire.com/news-releases/dte-energy-successfully-remarkets-dte-energy-company-2016-series-c-2-529-senior-notes-300899316.html
SOURCE DTE Energy
DETROIT, July 24, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported second quarter 2019 earnings of $182 million, or $0.99 per diluted share, compared with $234 million, or $1.29 per diluted share in 2018.
Operating earnings for the second quarter 2019 were $183 million, or $0.99 per diluted share, compared with 2018 operating earnings of $247 million, or $1.36 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"The company's second quarter performance builds on the success of the first quarter, resulting in a strong first half of 2019. We are ahead of plan and are entering the second half of the year in good shape," said Jerry Norcia, DTE Energy president and CEO. Norcia also noted the following recent company accomplishments:
Outlook for 2019
DTE Energy increases 2019 operating EPS guidance from $5.97 - $6.33 to $6.02 - $6.38.
"The solid financial results we have achieved during the first half of the year give us confidence in increasing our 2019 earnings guidance. While last year's second quarter operating earnings were boosted by record setting temperatures, we are on track to realize our financial and operational goals for this year," said Peter Oleksiak, DTE Energy senior vice president and CFO.
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (800) 458-4121 or international: (323) 794-2093. The passcode is 5739101. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, Aug. 7. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 5739101.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/DTE_Energy and facebook.com.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2019 operating earnings guidance. It is likely that certain items that impact the company's 2019 reported results will be excluded from operating results. Reconciliations to the comparable 2019 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in the our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax Adjustments | Income | Operating | Reported | Pre-tax Adjustments | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 133 | $ | (11) | A | $ | 3 | $ | 134 | $ | 163 | $ | — | $ | — | $ | 163 | ||||||||||||||||||
13 | B | (4) | — | — | |||||||||||||||||||||||||||||||
DTE Gas | 8 | (6) | A | 2 | 4 | 14 | — | — | 14 | ||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 50 | — | — | 50 | 60 | — | — | 60 | |||||||||||||||||||||||||||
Power and Industrial Projects | 29 | — | — | 29 | 43 | — | — | 43 | |||||||||||||||||||||||||||
Energy Trading | (6) | 5 | C | (1) | (2) | (5) | 17 | C | (4) | 8 | |||||||||||||||||||||||||
Total Non-utility operations | 73 | 5 | (1) | 77 | 98 | 17 | (4) | 111 | |||||||||||||||||||||||||||
Corporate and Other | (32) | — | — | (32) | (41) | — | — | (41) | |||||||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 182 | $ | 1 | $ | — | $ | 183 | $ | 234 | $ | 17 | $ | (4) | $ | 247 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three months ended June 30, 2019 and 27% for the three months ended June 30, 2018. | |||||||||||||||||||||||||||||||||||
Adjustments key | |||||||||||||||||||||||||||||||||||
A) MPSC approval of the deferral for the new customer billing system post-implementation expenses — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
B) MPSC disallowance of power plant capital expenses — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility | |||||||||||||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax Adjustments | Income | Operating | Reported | Pre-tax Adjustments | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 0.72 | $ | (0.06) | A | $ | 0.02 | $ | 0.73 | $ | 0.90 | $ | — | $ | — | $ | 0.90 | ||||||||||||||||||
0.07 | B | (0.02) | — | — | |||||||||||||||||||||||||||||||
DTE Gas | 0.04 | (0.03) | A | 0.01 | 0.02 | 0.08 | — | — | 0.08 | ||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 0.27 | — | — | 0.27 | 0.33 | — | — | 0.33 | |||||||||||||||||||||||||||
Power and Industrial Projects | 0.16 | — | — | 0.16 | 0.24 | — | — | 0.24 | |||||||||||||||||||||||||||
Energy Trading | (0.04) | 0.02 | C | (0.01) | (0.03) | (0.03) | 0.09 | C | (0.02) | 0.04 | |||||||||||||||||||||||||
Total Non-utility operations | 0.39 | 0.02 | (0.01) | 0.40 | 0.54 | 0.09 | (0.02) | 0.61 | |||||||||||||||||||||||||||
Corporate and Other | (0.16) | — | — | (0.16) | (0.23) | — | — | (0.23) | |||||||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 0.99 | $ | — | $ | — | $ | 0.99 | $ | 1.29 | $ | 0.09 | $ | (0.02) | $ | 1.36 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three months ended June 30, 2019 and 27% for the three months ended June 30, 2018. | |||||||||||||||||||||||||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax Adjustments | Income | Operating | Reported | Pre-tax Adjustments | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 280 | $ | (11) | A | $ | 3 | $ | 281 | $ | 303 | $ | — | $ | 8 | D | $ | 305 | |||||||||||||||||
13 | B | (4) | 2 | E | (1) | ||||||||||||||||||||||||||||||
— | — | (9) | F | 2 | |||||||||||||||||||||||||||||||
DTE Gas | 159 | (6) | A | 2 | 155 | 118 | — | 8 | D | 125 | |||||||||||||||||||||||||
— | — | 1 | E | — | |||||||||||||||||||||||||||||||
— | — | (3) | F | 1 | |||||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 98 | — | — | 98 | 122 | — | — | 122 | |||||||||||||||||||||||||||
Power and Industrial Projects | 55 | — | — | 55 | 88 | (4) | F | 1 | 85 | ||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||
Energy Trading | 26 | (31) | C | 8 | 3 | 26 | (23) | C | 6 | 9 | |||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||||||||||||
Total Non-utility operations | 179 | (31) | 8 | 156 | 236 | (27) | 7 | 216 | |||||||||||||||||||||||||||
Corporate and Other | (35) | — | — | (35) | (62) | — | 5 | D | (57) | ||||||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 583 | $ | (35) | $ | 9 | $ | 557 | $ | 595 | $ | (36) | $ | 30 | $ | 589 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the six months ended June 30, 2019 and 27% for the six months ended June 30, 2018. | |||||||||||||||||||||||||||||||||||
Adjustments key | |||||||||||||||||||||||||||||||||||
A) MPSC approval of the deferral for the new customer billing system post-implementation expenses — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
B) MPSC disallowance of power plant capital expenses — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility | |||||||||||||||||||||||||||||||||||
D) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | |||||||||||||||||||||||||||||||||||
E) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
F) One-time benefits expense reimbursement — recorded in Operating Expenses — Operation and maintenance |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax Adjustments | Income | Operating | Reported | Pre-tax Adjustments | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 1.53 | $ | (0.06) | A | $ | 0.02 | $ | 1.54 | $ | 1.68 | $ | — | $ | 0.04 | D | $ | 1.69 | |||||||||||||||||
0.07 | B | (0.02) | 0.02 | E | (0.01) | ||||||||||||||||||||||||||||||
— | — | (0.05) | F | 0.01 | |||||||||||||||||||||||||||||||
DTE Gas | 0.87 | (0.03) | A | 0.01 | 0.85 | 0.65 | — | 0.04 | D | 0.69 | |||||||||||||||||||||||||
— | — | 0.01 | E | — | |||||||||||||||||||||||||||||||
— | — | (0.02) | F | 0.01 | |||||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 0.53 | — | — | 0.53 | 0.68 | — | — | 0.68 | |||||||||||||||||||||||||||
Power and Industrial Projects | 0.30 | — | — | 0.30 | 0.49 | (0.02) | F | — | 0.47 | ||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||
Energy Trading | 0.14 | (0.17) | C | 0.04 | 0.01 | 0.14 | (0.13) | C | 0.04 | 0.05 | |||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||||||||||||
Total Non-utility operations | 0.97 | (0.17) | 0.04 | 0.84 | 1.31 | (0.15) | 0.04 | 1.20 | |||||||||||||||||||||||||||
Corporate and Other | (0.19) | — | — | (0.19) | (0.35) | — | 0.03 | D | (0.32) | ||||||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 3.18 | $ | (0.19) | $ | 0.05 | $ | 3.04 | $ | 3.29 | $ | (0.19) | $ | 0.16 | $ | 3.26 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the six months ended June 30, 2019 and 27% for the six months ended June 30, 2018. | |||||||||||||||||||||||||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-strong-second-quarter-2019-results-raises-guidance-300889693.html
SOURCE DTE Energy
DETROIT, July 18, 2019 /PRNewswire/ -- DTE Energy, Michigan's leading producer of renewable energy, today announced that the Michigan Public Service Commission (MPSC) has provided conditional* approval for its proposed purchase of three new Michigan wind parks, increasing the company's renewable energy portfolio nearly 50% and furthering DTE's commitment to providing clean, affordable and reliable power to its customers.
DTE will assume ownership and operation of all three projects upon completion, slated for the fourth quarter of 2020. The new wind parks will add 455 MW of renewable energy to DTE's generation mix, enough to power 107,000 homes. The company will use at least two of the new wind projects to meet the renewable energy needs of its largest commercial and industrial customers, including Ford, General Motors and the University of Michigan, who have enrolled in MIGreenPower, DTE's voluntary renewable energy program.
"Investing in renewable energy is a key part of our commitment to reduce carbon emissions by at least 80% by 2040," said Jerry Norcia, president and CEO, DTE Energy. "Adding these new wind parks to our portfolio will help us meet the clean energy needs of our largest customers who have chosen MIGreenPower. We also have aggressive plans to expand our voluntary renewable energy programs, enabling more customers to reduce their carbon footprint and meet personal or business sustainability goals. We are proud of the environmental and economic benefits these projects will bring to Michigan."
DTE will introduce a suite of voluntary renewable energy programs under the MIGreenPower umbrella designed to meet a wide range of customer interests. These will complement the company's two existing programs, one for residential and small business customers and one for large commercial and industrial customers.
Today's MPSC decision clears the way for DTE to purchase Michigan's largest wind parks, Isabella I & Isabella II, from Apex Clean Energy. The two projects, totaling 383 MW and located in mid-Michigan's Isabella County, will be the largest clean energy projects in the state as well as the largest renewable energy projects in DTE's portfolio when they begin commercial operation in 2020. Apex will start construction on the projects later this year. DTE also will purchase Fairbanks Wind from Heritage Sustainable Energy, a Traverse City-based wind developer. The 72 MW park will be located in Delta County in Michigan's Upper Peninsula. While this park was approved as part of DTE Energy's renewable energy plan, it may alternatively be used to support additional sales under the company's MIGreenPower program.
DTE's renewable energy projects not only benefit the environment, they are helping drive Michigan's economy. DTE has driven investment of more than $2.8 billion in renewable assets since 2009 and will invest an additional $2 billion over the next five years. DTE's renewable energy projects have created or sustained more than 4,000 Michigan jobs while powering the equivalent of more than 500,000 homes with clean energy. At DTE's newest wind park, Pine River, 90% of the labor during construction was completed by Michigan workers.
*From the Commission: "Since the Commission made changes to DTE's renewable energy plan, the company has 14 days to indicate whether it supports the changes. If the company does not agree, the Commission's approval of parts of the plan are voided and DTE must file a revised renewable energy plan by Nov. 1."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-receives-approval-to-purchase-3-wind-parks-as-it-transitions-to-cleaner-energy-300887678.html
SOURCE DTE Energy
DETROIT, July 18, 2019 /PRNewswire/ -- DTE Energy wants all of its customers to remain safe and comfortable, as well as save on their energy bills, during the next several days of high temperatures in Michigan.
DTE performs power plant maintenance and inspections along with energy grid upgrades to help ensure system reliability year-round, including periods of extreme weather and heavy energy use. DTE is also helping customers understand and implement steps they can take to ensure they remain comfortable while keeping bills affordable as temperatures rise.
"Weather is one of the biggest factors impacting energy bills," said Angie Pizzuti, vice president of customer service for DTE. "As temperatures rise past 90 degrees this week, we're reaching out to our customers with easy ways to avoid both the heat and large energy bills."
DTE is alerting customers via emails, social media posts, web messaging and other channels to share these tips:
DTE also stresses the importance of checking on loved ones and neighbors, particularly seniors and those without air conditioning, during periods of extreme heat. Reach out at least twice a day to watch and listen for signs of heat exhaustion or heat stroke. If necessary, help get vulnerable people someplace cool, such as a local cooling center. Check with your local municipality for cooling center availability.
If a customer has trouble paying an energy bill, DTE can help find assistance. Customers are encouraged to call DTE at 800.477.4747 as soon as they feel they may have difficulty paying a bill. DTE will work with customers to set up affordable payment plans and advise them of local agencies that may offer additional relief.
For more tips on beating the heat, visit dteenergy.com/summer
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-helps-customers-stay-safe-and-cool-while-keeping-bills-affordable-during-extreme-heat-300887196.html
SOURCE DTE Energy
DETROIT, July 10, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its second quarter 2019 earnings before the market opens Wednesday, July 24, 2019.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in number in the U.S. and Canada toll free is: (800) 458-4121 or international toll: (323) 794-2093. The passcode is 5739101. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/DTE_Energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-second-quarter-2019-earnings-release-conference-call-300882200.html
SOURCE DTE Energy
DETROIT, July 9, 2019 /PRNewswire/ -- DTE has partnered with the Michigan Department of Corrections to develop and launch a unique program to train returning citizens for careers in tree trimming, helping to fill open, in-demand positions.
"I've learned from my peers – both in Michigan and in other states – that returning citizens who are looking for a second chance in life can be among your very best and most loyal employees. They just need to be given a chance. A criminal record shouldn't be a life sentence of unemployment," said Gerry Anderson, DTE executive chairman.
The first class of 24 tree trimmers began on June 10, and they will finish in the next 6-9 months. Within the program, students will learn to safely climb trees, use tree trim equipment and obtain a Commercial Driver's License.
DTE Energy depends on 1,300 skilled tree trimmers to keep trees away from power lines, but Michigan continues to face a critical shortage of qualified people. At the same time, people coming out of prison have an unemployment rate of 60 percent – more than 15 times the overall state rate – and without stable employment roughly one-third will reoffend.
"We have an opportunity here to make Michigan an example for the country and set a nationwide standard for criminal justice reform," said Governor Gretchen Whitmer. "I'm proud to partner with DTE Energy as we take a new approach to preparing inmates for successful lives after incarceration by creating the nation's first vocational tree trim program. This skilled trades program will improve outcomes of the folks going through our criminal justice system, save taxpayer dollars on recidivism, and make our communities safer."
Once released on parole, the students who have completed the tree trim program in the Michigan Department of Corrections (MDOC)'s Vocational Village at Parnall Correctional Facility will be eligible to join the International Brotherhood of Electrical Workers (IBEW) Local 17 Union and fill an open role with a local tree trim supplier.
"We are excited to bring this program to Parnall's Vocational Village with DTE to give our participating prisoners more career options upon their release," said Heidi Washington, MDOC director. "If we equip them with skills and point them in the right direction, they will be much more successful in supporting themselves and their families, and much less likely to re-enter the criminal justice system."
The DTE Energy Foundation has provided the initial grant of $100,000 to create the program and purchase training equipment for the learning lab. DTE worked closely with IBEW Local 17 to design and install a climbing structure and training curriculum for the program.
For more information on DTE's tree trimming efforts click here.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-michigan-department-of-corrections-launch-first-of-its-kind-tree-trim-program-for-inmates-300881929.html
SOURCE DTE Energy
DETROIT, July 1, 2019 /PRNewswire/ -- DTE Energy today announced that Frank Warren, senior vice president of Fossil Generation, will retire from the company at the end of July. Benjamin F. Felton will join DTE on July 8 and take on the role of senior vice president, Fossil Generation.
Felton has an extensive career in the electric industry, most recently as senior vice president of Electric Operations for NIPSCO where he led generation, transmission, distribution, fleet and warehouse operations. Felton also championed the company's electric safety program. Prior to NIPSCO, he held leadership roles of increasing responsibility at Consumers Energy.
"Ben has a proven track record of producing results for customers and employees in the electric industry," said Jerry Norcia, DTE president and CEO. "His strong leadership will be crucial as DTE works toward reducing carbon emissions 80% by 2040 while continuing to produce safe, reliable and affordable energy for more than half of Michiganders."
Warren joined DTE in 2001 as maintenance manager at the St. Clair Power Plant and progressed through positions of increasing responsibility. Frank has been instrumental in leading the company's plants to consistently strong operational performance while overseeing $2 billion of environmental investment to transform the Monroe Power Plant into one of the cleanest and most efficient coal plants in the US. He also took on the role of executive safety champion for all of DTE; under his leadership, DTE has consistently ranked among the safest companies in the energy industry.
"Frank has been a great leader for our company and our people," said Norcia. "His common-sense, data-driven approach to running our power plants has enabled us to serve our customers with reliable energy on even the hottest summer days. He was also a valuable mentor for our front-line leaders and managers. DTE is a much stronger company thanks to Frank's many contributions, and we will miss him greatly."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-names-benjamin-f-felton-senior-vice-president-300878758.html
SOURCE DTE Energy
DETROIT, June 25, 2019 /PRNewswire/ -- DTE has been named one of the most community-minded companies in the United States as an honoree of The Civic 50 by Points of Light, the world's largest organization dedicated to volunteer service. DTE Energy was the only Michigan company to be awarded this prestigious honor and was also acknowledged as the leading energy company nationally. The announcement was made at Service Unites 2019, Points of Light's annual conference on Monday, June 17 in St. Paul, Minn., where leaders from across the country gathered to discuss social innovation, civic engagement and cross-sector collaboration.
The Civic 50 sets the standard for corporate civic engagement and creates a roadmap for companies seeking to best use their time, talent and resources to improve the quality of life in the communities where they do business. The Civic 50 survey helps companies become more active leaders in the Corporate Social Responsibility field by providing valuable benchmarking data to better understand and grow their community impact.
"DTE is committed to serving with our energy and transforming the communities where we live and serve through our team's volunteerism efforts, neighborhood revitalization, and workforce development programs," said Nancy Moody, vice president of Public Affairs at DTE. "The Civic 50 evaluates how companies create strategies that translate good intentions into sound business practices, and we're proud to be recognized through our investment, integration, and most importantly, impact."
By identifying and celebrating the practices of the most community-minded companies in the nation, Points of Light is lighting a path for business leaders and corporate responsibility practitioners who want to help their organizations translate good intentions into sound business practices.
"Businesses are an important driver of social good in communities through the power and passion of employees and strategic investment in causes that matter," said Natalye Paquin, president and CEO of Points of Light. "Companies like DTE are powerful examples of how companies can build and sustain purpose in their brands."
The Civic 50 survey was administered by True Impact, a company specializing in helping organizations maximize and measure their social and business value. The survey instrument consists of quantitative and multiple-choice questions that inform The Civic 50 scoring process. The Civic 50 is the only survey and ranking system that exclusively measures corporate involvement in communities.
To learn more about DTE's work to be a force for growth, visit DTEImpact.com.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
About Points of Light
Points of Light, the world's largest organization dedicated to volunteer service, mobilizes millions of people to take action that is changing the world. Through affiliates in more than 200 cities and partnerships with thousands of non-profits and corporations, Points of Light engages four million volunteers in 20 million hours of service each year. We bring the power of people where it's needed most. For more information, visit www.pointsoflight.org.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-named-one-of-the-top-50-community-minded-companies-by-points-of-light-for-record-breaking-volunteerism-and-neighborhood-transformation-efforts-300873912.html
SOURCE DTE Energy
DETROIT, June 20, 2019 /PRNewswire/ -- (NYSE: DTE) — The DTE Energy board of directors today declared a $0.945 per share dividend on its common stock payable Oct. 15, 2019, to shareholders of record at the close of business Sept. 16, 2019. This continues DTE Energy's consistent performance, having issued a cash dividend for more than 100 years.
"We acknowledge the value of our long history of dividends and the position it plays in delivering above-average shareholder returns," said Gerry Anderson, DTE Energy chairman and CEO. "We're confident in our plan and our long-term outlook is strong."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-issues-dividend-300872139.html
SOURCE DTE Energy
DETROIT, June 20, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today named Gary Torgow to its Board of Directors, effective immediately.
Torgow currently serves as chairman of Chemical Financial Corporation, the largest banking company headquartered in Michigan and founder and chairman of the Sterling Group, a Michigan-based real estate, development and investment company, which has acquired, developed and operated important landmark properties in Southeastern Michigan.
"We're pleased Gary has agreed to join our board of directors, adding to the diverse knowledge and experience our directors bring to DTE," said Gerry Anderson, chairman and CEO of DTE Energy. "His extensive experience developing strategies for new business growth nationally, and managing financial, operational and regulatory matters will be of great value to our company and we look forward to his addition to our board."
Torgow earned his Bachelor of Arts degree from Yeshiva University, a Juris Doctorate from Wayne State University School of Law and is a member in good standing of the Michigan Bar Association.
Torgow serves on the boards of the Community Foundation of Southeast Michigan, Blue Cross Blue Shield and the Detroit Regional Partnership. He is also an executive board member of Business Leaders of Michigan, on the foundation board of Henry Ford Hospital and Wayne State University and the board of trustees of Beaumont Health Systems.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-names-bank-chairman-gary-torgow-to-board-of-directors-300872134.html
SOURCE DTE Energy
DETROIT, June 20, 2019 /PRNewswire/ -- Students in Ann Arbor and Roseville public school districts will soon ride some of the first zero-emission electric school buses in Michigan, funded by $1.5 million in grants secured by DTE Energy.
DTE announced today that its partnership with Ann Arbor and Roseville schools was selected by the State of Michigan to receive funding for six Thomas Built "Jouley" Buses powered by Proterra, as well as equipment to charge them.
The Ann Arbor Public Schools will receive four buses and Roseville Community Schools will receive two buses. DTE will work with both districts to ensure the associated electric infrastructure is constructed to support the project. DTE also will partner with the schools to implement a vehicle-to-grid study, which will allow the utility to better understand the effects of battery storage technology.
"We're excited to help bring clean electric transportation to thousands of Michigan students," said Trevor F. Lauer, president and chief operating officer, DTE Electric. "This partnership and grant fits well with our commitment to advancing both STEM education and Michigan's clean energy future."
DTE has also joined with the Michigan Association of School Transportation to develop educational programs around the new buses. Students will see real-world applications of new innovations, such as the zero-emission electric technologies the buses employ, as part of their focus in Science, Technology, Engineering and Math (STEM).
"This is of significant importance because it is aimed at removing harmful emissions that expose school-aged children who utilize bus transportation," said Debra Swartz, pollution prevention program analyst for the Michigan Department of Environment, Great Lakes and Energy. "We feel this young population is particularly vulnerable in that respect."
"This is a progressive step forward for our schools and aligns nicely with our existing sustainability goals in the Ann Arbor community," said Marios Demetrious, assistant superintendent, Ann Arbor Public Schools. "We are thrilled to lead Michigan in the deployment of the latest transit technology for schools."
"We look forward to deploying these electric buses in our district," said John Kment, superintendent, Roseville Community Schools. "Not only will they help us reduce our carbon footprint, but they will also serve as great educational opportunities for our students. Our educators will use them to lead discussions on how we can all take steps to integrate cleaner energy into our daily lives."
Further information on DTE's commitment to building a clean energy future is available at journeyto80.com.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-secures-funds-for-two-michigan-school-districts-to-be-among-first-with-clean-energy-electric-school-buses-300871946.html
SOURCE DTE Energy
DETROIT, June 4, 2019 /PRNewswire/ -- DTE Energy on Tuesday announced its plan to bring the benefits of electric vehicles (EVs) to more Michigan residents and businesses through its new "Charging Forward" program of incentives, customer education and charging infrastructure growth.
Michigan is the nation's automotive center, but it lags many other states in EV adoption. Limited consumer awareness and "range anxiety" – the fear of running out of power before reaching a destination – are two factors suppressing increased EV acceptance. DTE's Charging Forward initiative takes both concerns head-on with increased customer education campaigns as well as incentives that will foster the development of an expanded infrastructure of EV chargers.
DTE will provide a rebate of up to $500 to a residential customer who purchases or leases a new or used EV, installs a qualified Level 2 charger and enrolls in a special rate beneficial for EV charging. DTE's business customers can also receive incentives of $2,500 per port and $20,000 per charger when they install Level 2 or DC Fast Chargers.
"We're thankful for the support of the Michigan Public Service Commission as well as auto industry partners and environmental advocacy groups, all of whom share our goal of expanding EV use in Michigan," said Camilo Serna, DTE's vice president of Corporate Strategy. "Customer surveys tell us that more people are likely to use EVs if they can easily obtain chargers and feel confident that they will find locations to charge along their routes. Charging Forward will provide the infrastructure to make drivers feel more secure by removing both these obstacles."
The program will encourage DTE customers to charge their EVs during off-peak hours, which will help spread the demand on the electric grid. The distributed demand is expected to add efficiencies to DTE's electric distribution and put downward pressure on prices, creating a win-win-win opportunity for DTE customers, local economies, and the environment.
"Through collaborative discussions with diverse groups – including DTE, which provided thoughtful insight – the Michigan Public Service Commission was able to develop regulatory policies that will have a positive impact on the use of electric vehicles in Michigan," said Commissioner Norman Saari. "Our state's path forward now is recognized nationwide as fair, reasonable, and progressive."
The Charging Forward program will also help DTE further its understanding of the EV market and its customers, as well as learn how EV increased demand can be used as a tool to provide benefits to all of DTE's customers.
"Charging Forward is a positive step for advancing EV infrastructure in Michigan," said Mike Ableson, vice president of EV Infrastructure for General Motors. "GM congratulates and supports the leadership demonstrated by DTE to help customers realize the benefits of EVs and reduce barriers to EV adoption. The Charging Forward program will help make driving a Chevrolet Bolt or other EVs more convenient than ever before."
Increasing the number of EVs on the road – including in DTE's own fleet – is part of the company's comprehensive vision for clean energy in Michigan. DTE has committed to reducing its carbon emissions by at least 80% by 2040, and these environmental gains will be further advanced with increased EV adoption.
Additionally, DTE has formed partnerships in the public and private sectors to extend charging stations to public areas. As part of the Detroit Mobility Innovation Initiative, DTE will install chargers in public areas such as Detroit's Beacon Park, with future sites under consideration. In addition, DTE has partnered with both GM and Ford in testing tools to enable EV charging features that are grid-friendly.
DTE customers interested in enrolling in or learning more about Charging Forward can visit dteenergy.com/ev (for residents) and dteenergy.com/evbiz (for businesses).
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-launches-charging-forward-program-to-drive-electric-vehicle-education-infrastructure-and-adoption-300861514.html
SOURCE DTE Energy
DETROIT, May 9, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) named Ruth G. Shaw lead independent director of the board, effective immediately. Shaw replaces James B. Nicholson as he retires from the Board of Directors.
Shaw has served on the Board of Directors for DTE Energy since 2008. Her qualifications include extensive experience in the electric industry, service on corporate boards, participation in industry associations, and significant knowledge of corporate governance, executive compensation, regulatory matters, public policy and corporate communications. In addition, Shaw has served as the chair of the DTE Energy Corporate Governance Committee since 2014, as a member of the Nuclear Review Committee since 2008, and on the Organization & Compensation Committee since 2008.
"Ruth brings to the role years of experience, both in the energy industry and on our board of directors," said Gerry Anderson, chairman and CEO of DTE Energy. "We're pleased she has agreed to serve as lead independent director – her deep knowledge and understanding of issues impacting our industry will be of great value to our shareholders, customers and employees."
Shaw retired from Duke Energy Corporation in April 2007, where she served in a series of senior executive roles, including president and CEO of Duke Power Company. In addition, she served on the boards of the Nuclear Energy Institute, the Institute of Nuclear Power Operations, and the Edison Electric Institute.
Shaw earned her Bachelor of Arts (magna cum laude) and a Master of Arts degree from East Carolina University, and a Ph.D. from the University of Texas at Austin.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com,twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-names-ruth-g-shaw-lead-independent-director-of-the-board-300847498.html
SOURCE DTE Energy
DETROIT, May 9, 2019 /PRNewswire/ -- (NYSE: DTE) — The DTE Energy Board of Directors declared a $0.9450 per share dividend on its common stock payable July 15, 2019 to shareholders of record at the close of business June 17, 2019. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
"We recognize the value of our long history of dividend and the role it plays in delivering above-average shareholder returns," said Gerry Anderson, DTE Energy Chairman and CEO. "We're confident in our plan and our long-term outlook is strong."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-issues-dividend-300847464.html
SOURCE DTE Energy
DETROIT, April 24, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported first quarter 2019 earnings of $401 million, or $2.19 per diluted share, compared with $361 million, or $2.00 per diluted share in 2018.
Operating earnings for the first quarter 2019 were $374 million, or $2.05 per diluted share, compared with 2018 operating earnings of $342 million, or $1.91 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"We had a strong start to 2019 while also taking significant steps this quarter to accelerate our carbon emissions reductions," said Gerry Anderson, DTE Energy chairman and CEO. Anderson noted the following first quarter accomplishments:
Outlook for 2019
DTE Energy reaffirms 2019 operating EPS guidance of $5.97 - $6.33.
"We delivered strong first quarter financial results in our utility and non-utility businesses," said Peter Oleksiak, DTE Energy senior vice president and CFO. "A cold start to the year drove our gas utility revenues up which puts us in great shape to start the year."
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (888) 254-3590 or international: (323) 994-2093. The passcode is 1968534. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, May 8. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 1968534.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/DTE_Energy and facebook.com.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2019 operating earnings guidance. It is likely that certain items that impact the company's 2019 reported results will be excluded from operating results. Reconciliations to the comparable 2019 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in the our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.
DTE Energy Company | ||||||||||||||||||||||||||
Segment Net Income (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
DTE Electric | $ | 147 | $ | — | $ | — | $ | 147 | $ | 140 | $ | — | $ | 8 | B | $ | 142 | |||||||||
— | — | 2 | C | (1) | ||||||||||||||||||||||
— | — | (9) | D | 2 | ||||||||||||||||||||||
DTE Gas | 151 | — | — | 151 | 104 | — | 8 | B | 111 | |||||||||||||||||
— | — | 1 | C | — | ||||||||||||||||||||||
— | — | (3) | D | 1 | ||||||||||||||||||||||
Non-utility operations | ||||||||||||||||||||||||||
Gas Storage and Pipelines | 48 | — | — | 48 | 62 | — | — | 62 | ||||||||||||||||||
Power and Industrial | 26 | — | — | 26 | 45 | (4) | D | 1 | 42 | |||||||||||||||||
Energy Trading | 32 | (36) | A | 9 | 5 | 31 | (40) | A | 10 | 1 | ||||||||||||||||
Total Non-utility | 106 | (36) | 9 | 79 | 138 | (44) | 11 | 105 | ||||||||||||||||||
Corporate and Other | (3) | — | — | (3) | (21) | — | 5 | B | (16) | |||||||||||||||||
Net Income Attributable | $ | 401 | $ | (36) | $ | 9 | $ | 374 | $ | 361 | $ | (53) | $ | 34 | $ | 342 | ||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the | ||||||||||||||||||||||||||
Adjustments key | ||||||||||||||||||||||||||
A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — | ||||||||||||||||||||||||||
B) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | ||||||||||||||||||||||||||
C) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — | ||||||||||||||||||||||||||
D) One-time benefits expense reimbursement — recorded in Operating Expenses — Operation and maintenance |
DTE Energy Company | ||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
DTE Electric | $ | 0.81 | $ | — | $ | — | $ | 0.81 | $ | 0.78 | $ | — | $ | 0.04 | B | $ | 0.79 | |||||||||
— | — | 0.02 | C | (0.01) | ||||||||||||||||||||||
— | — | (0.05) | D | 0.01 | ||||||||||||||||||||||
DTE Gas | 0.83 | — | — | 0.83 | 0.58 | — | 0.04 | B | 0.62 | |||||||||||||||||
— | — | 0.01 | C | — | ||||||||||||||||||||||
— | — | (0.02) | D | 0.01 | ||||||||||||||||||||||
Non-utility operations | ||||||||||||||||||||||||||
Gas Storage and Pipelines | 0.26 | — | — | 0.26 | 0.34 | — | — | 0.34 | ||||||||||||||||||
Power and Industrial | 0.14 | — | — | 0.14 | 0.25 | (0.03) | D | 0.01 | 0.23 | |||||||||||||||||
Energy Trading | 0.18 | (0.19) | A | 0.05 | 0.04 | 0.17 | (0.23) | A | 0.06 | — | ||||||||||||||||
Total Non-utility | 0.58 | (0.19) | 0.05 | 0.44 | 0.76 | (0.26) | 0.07 | 0.57 | ||||||||||||||||||
Corporate and Other | (0.03) | — | — | (0.03) | (0.12) | — | 0.05 | B | (0.07) | |||||||||||||||||
Net Income Attributable | $ | 2.19 | $ | (0.19) | $ | 0.05 | $ | 2.05 | $ | 2.00 | $ | (0.30) | $ | 0.21 | $ | 1.91 | ||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the | ||||||||||||||||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares | ||||||||||||||||||||||||||
Adjustments key — see previous page |
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-strong-first-quarter-2019-results-300837027.html
SOURCE DTE Energy
DETROIT, April 10, 2019 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its first quarter 2019 earnings before the market opens Wednesday, April 24, 2019.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (888) 254-3590 or international: (323) 994-2093. The passcode is 2846741. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/DTE_Energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-first-quarter-2019-earnings-release-conference-call-300829700.html
SOURCE DTE Energy
DETROIT, March 28, 2019 /PRNewswire/ -- DTE Energy today announced a bold new goal to reduce carbon emissions 80 percent by 2040 – accelerating by a full decade the carbon reduction commitment it made to Michigan residents and businesses just two years ago. In the company's Integrated Resource Plan (IRP) being submitted to the Michigan Public Service Commission on Friday, DTE outlines the steps it will take over the next five years, and beyond, to transform to a cleaner generation mix – adding more renewables, increasing energy efficiency for its customers above state requirements and retiring coal plants sooner than previously announced. DTE also announced it will reduce carbon emissions at least 50 percent by 2030, surpassing its previous carbon reduction commitment of 45 percent by that timeframe.
"In Michigan, we are in the midst of a fundamental energy transformation. Two years ago, we were one of the first energy companies in the country to commit to reducing carbon emissions 80 percent by 2050. Our plan has evolved, and we now are accelerating that goal by a decade," said Gerry Anderson, DTE Energy chairman and CEO. "Achieving these goals will require significant investments in the years ahead – and we are convinced we can make those investments while ensuring that electricity remains highly reliable and affordable for Michigan homes and businesses."
The 2016 energy law passed by the Michigan Legislature requires energy companies in the state to file an Integrated Resource Plan every five years. The IRP provides a comprehensive road map for meeting customers' energy and capacity needs.
DTE's plan includes:
The plan DTE is submitting today focuses most heavily on the next five years and considers the most affordable and reliable mix of generation sources that are currently available. Longer-term, DTE will continue to evaluate and refine future options to meet its carbon emissions commitment as technology develops and costs decline.
With this plan, DTE's average annual carbon emissions will drop by 400,000 tons in 2020 and 2021. In 2022, when Trenton Channel, St. Clair and the River Rouge power plants retire, DTE's annual carbon emissions will be reduced by an additional 7.5 million tons. That's the greenhouse gas emissions equivalent of nearly 1.6 million passenger vehicles driven for a year. 1
"As we developed this plan, we reached out into the community and listened to our customers' inputs and feedback," Anderson said. "Our customers care about climate change and want to make sure we are doing everything we can to transition to cleaner energy. All of our customers want us to ensure high reliability as we transition – and we know we need to keep energy affordable for Michigan's homes and businesses as we evolve as well."
For more information about the Integrated Resource Plan and DTE's journey to 80 percent carbon reduction by 2040, visit www.journeyto80.com
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
1 EPA Greenhouse Gas Equivalencies Calculator
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-accelerates-carbon-reduction-goal-a-full-decade-will-reduce-emissions-80-percent-by-2040-300820615.html
SOURCE DTE Energy
DETROIT, March 18, 2019 /PRNewswire/ -- DTE Energy announced seven senior executive rotations and promotions aimed at developing key leaders and accelerating our progress toward becoming the best-operated energy company and a force for growth and prosperity in the communities where we live and serve.
"Our company is stronger when our employees apply diverse experiences to their work," said Gerry Anderson, DTE Energy chairman and CEO. "These organizational changes will enable our executives to take on new challenges with their unique insights, and I am confident they will collectively enable DTE to produce even better results for our customers, communities, employees and shareholders."
David Ruud, president of DTE Energy's Power & Industrial group, is named senior vice president, Corporate Strategy & Development. Since stepping up to lead the P&I group in 2007, Ruud has helped grow that business in the key focus areas of industrial energy services, renewable energy and environmental controls, and he has expanded the group's geographic reach and broadened its products and services to more than 60 projects in 17 states. In his new role, Ruud will focus on evaluating growth opportunities and generating growth for the company, along with working across DTE's executive team to shape company strategy.
Mark Stiers, president & COO of DTE Gas, takes on the role of president and COO of Power & Industrial. Stiers has led one of the nation's largest gas utilities for nearly six years, delivering safe, reliable, affordable natural gas to 1.3 million Michigan families and businesses in over 500 communities. Under his leadership, DTE Gas created a robust infrastructure renewal program and received four JD Power awards for customer service excellence. In his new role, Stiers will continue to broaden the positive impact and scale of DTE Power & Industrial's projects and services for energy intensive industrial customers across North America.
Matthew Paul, vice president of Plant Operations for the company's electric generation, is promoted to president and COO of DTE Gas. Under his leadership, DTE's power plant employees delivered affordable and reliable energy while also developing the Blue Water Energy Center, which will be the company's single largest reduction in carbon emissions when it comes on line in 2022. In his new role leading DTE Gas, Paul will continue playing a critical role in the company's environmental stewardship by leading efforts to reduce methane emissions by more than 80 percent while continuing to provide safe, affordable and reliable natural gas to customers throughout Michigan.
JoAnn Chávez, vice president of Legal and chief tax officer, is promoted to senior vice president, deputy general counsel and chief tax officer. Throughout her career, Chávez has applied a business focus in supporting DTE's strategic objectives and has positively impacted business results. She is also a strong advocate and active supporter of opportunities for under-represented youth. Her responsibilities include oversight of DTE's commercial, securities, corporate finance and governance, employment, litigation and non-utility legal practice groups, tax strategy and compliance, and legal investigations.
Joi Harris, vice president of Major Enterprise Projects is promoted to senior vice president of Major Enterprise Projects. Harris, a 31-year veteran of DTE, leads the project management, planning and execution of the largest projects in DTE's $3 billion annual capital investment portfolio. Key initiatives span power generation, including the construction of DTE's new combined-cycle and renewable energy projects, distribution, and DTE Midstream projects, which encompass natural gas gathering, transportation and storage in the Midwest. Throughout her career, Harris has worked to inspire and educate youth historically under-represented in STEM fields.
Renee Tomina, executive director of DTE Gas Operations, is promoted to vice president of Gas Operations. Tomina has led record-breaking operational achievements while leading operations of DTE Gas, an organization responsible for running and maintaining nearly 40,000 miles of natural gas distribution lines. Tomina's new role will enable her to continue driving customer-focused improvements in DTE Gas and further enhance safety performance and employee engagement across the organization.
Ryan Stowe, executive director of Distribution Operations, is promoted to vice president of Distribution Operations. Since joining DTE in 2003, Stowe has worked in a variety of leadership positions driving improvement efforts across DTE's electric service centers, substations, fleet and facilities groups. In his new role, Stowe will take on increased responsibility for leading the company's multi-year effort to improve overall electric reliability, while keeping energy safe and affordable for DTE Electric's 2.2 million customers.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-announces-key-leadership-changes-300813446.html
SOURCE DTE Energy
DETROIT, March 8, 2019 /PRNewswire/ -- DTE Energy today announced that its Pine River wind park, located in Gratiot and Isabella counties, is operational, providing enough clean energy to power more than 54,000 homes. With 65 turbines, Pine River is the largest operating wind park in Michigan as well as DTE's most cost-effective and cost-efficient wind project to date.
The park will offset nearly 300,000 metric tons of CO2 annually – the greenhouse gas equivalent of taking more than 63,000 cars off the road for a year* – and represents a significant step toward the company's goals of reducing carbon emissions by more than 80 percent by 2050 and reaching 50 percent clean energy through renewables and energy efficiency by 2030.
"DTE was among the first energy companies in the nation to announce a broad sustainability initiative consistent with what scientists say is necessary to address climate change globally and do it in a way that maintains affordability and reliability for our customers," said Gerry Anderson, chairman and CEO, DTE Energy. "Bringing Pine River online is helping us meet the commitment we've made to our customers while contributing to the health of Michigan's economy. It is our next step in continuing the fundamental transformation of the way we generate power in Michigan, while maintaining our focus on reliability and affordability."
Since 2009, DTE has driven investments of more than $2.8 billion in renewable energy, and the company will invest an additional $2 billion in renewables over the next five years as it more than doubles its capacity in wind and solar. By 2022, DTE will generate enough energy from renewable resources to power more than 800,000 homes.
DTE wind projects provide more than clean energy for DTE customers – they also provide a stable source of income for landowners who have turbines on their property, jobs that help young people stay in the community, and tax revenue that can be used to support improvements in roads, schools, emergency services and other vital community needs. Greater Gratiot Development, Inc. reports that between 2012-2016, the county received more than $30 million in tax revenue from its wind parks.
Pine River Township Supervisor Kevin Beeson not only appreciates the economic benefits the new wind park is bringing to his community, he also recognizes the project's environmental benefits as a gift to future generations. "It's a clean way to make energy, and that's a nice legacy to leave behind," he said.
DTE will bring online more than 1,000 additional megawatts of wind and solar by 2022. DTE's renewable energy portfolio includes 14 wind parks and 31 solar arrays, all located in Michigan. To learn more about DTE's long-term carbon reduction goal, please visit Journeyto80.com.
Invenergy developed and constructed the project for DTE. The project supported 250 jobs during construction drawing from 22 different Michigan companies.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
*Avoided emissions and equivalencies are based on Egrid 2017 non-baseload emissions factors by subregion and the Environmental Protection Agency equivalencies calculator at http://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator.
View original content to download multimedia:http://www.prnewswire.com/news-releases/turbine-blades-now-spinning-at-dte-energys-newest-wind-park-michigans-largest-300808799.html
SOURCE DTE Energy
DETROIT, Feb. 28, 2019 /PRNewswire/ -- DTE Energy announced today it spent $1.7 billion with Michigan businesses in 2018, creating and sustaining more than 8,000 jobs across the state and exceeding its in-state spending goal by $800,000.
Since 2010, DTE spent more than $9.2 billion with Michigan-based suppliers of goods and services, creating 24,000 jobs.
"We prioritize partnerships with in-state suppliers, and we encourage others to do the same," said DTE Chief Procurement Officer Tony Tomczak. "DTE's commitment gives Michigan's hard-working business owners new opportunities to succeed, expands the local economy and builds stronger communities."
Below are highlights of DTE's partnership with Michigan-based vendors, including dollars spent, number of businesses, and total jobs positively impacted:
DTE is a founding member of Pure Michigan Business Connect, a public-private initiative that encourages companies to buy from Michigan vendors and connects local companies with in-state business opportunities.
"We do this without sacrificing quality and affordability, which demonstrates the competitiveness of our state's economy," Tomczak said.
For W-3 Construction, a Detroit construction services company, DTE's focus on Michigan businesses translates into increased revenue and additional jobs. W-3 helps DTE build new substations to provide more reliable electric power for its customers.
"We've been in Detroit for more than 30 years and established a track record of delivering high-quality, cost-competitive services to DTE," said Linda Turner, client relations manager for W-3. "The increased business from DTE has fueled our growth, allowing us to bring on additional full-time Michigan workers and hire more local skilled laborers for projects."
DTE is also committed to developing a more inclusive supply base. Last year, the company spent $472 million with certified diverse suppliers and captured 11 industry-wide supplier diversity achievement awards. DTE's innovative approach to supplier diversity is based on outreach and mentoring.
"We seek out Michigan companies to ensure they're aware of upcoming bid opportunities and are ready to partner with us, or with our largest suppliers," Tomczak added. "We meet local business owners where they are and connect them with new business opportunities."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-spends-1-7-billion-with-michigan-based-businesses-in-2018--300804082.html
SOURCE DTE Energy
DETROIT, Feb. 21, 2019 /PRNewswire/ -- DTE Energy today named a new chief nuclear officer to lead its Fermi 2 nuclear power plant.
Paul Fessler will rejoin Fermi as the chief nuclear officer, effective immediately. Fessler previously served as chief nuclear officer, and has more than 28 years of experience in the nuclear industry and has served in several senior leadership roles during his 41 years with DTE.
Fessler replaces Keith Polson, who joined DTE in 2016 and has left to pursue other opportunities.
"Paul's extensive knowledge of the nuclear industry, as well as his deep knowledge of the plant and its people, ensure that Fermi 2 will continue to pursue the highest standards of nuclear excellence," said Gerry Anderson, DTE chairman and CEO. "We are grateful to Keith for his contributions to Fermi."
Fermi 2, located in Monroe, Michigan, employs 900 people.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 while keeping energy safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-names-new-fermi-2-chief-nuclear-officer-300800019.html
SOURCE DTE Energy
DETROIT, Feb. 19, 2019 /PRNewswire/ -- DTE Electric issued its second offering of green bonds on Friday, Feb. 15. The $650 million in bonds will finance green investments, including renewable energy and energy efficiency. In its initial green bond offering in May 2018, DTE became the fifth investment-grade energy company in the nation – and the first company in Michigan – to sell green bonds.
"As we move forward to replace our coal-fired generating facilities our focus on renewable generation and reducing carbon emissions are key corporate priorities," said Gerry Anderson, chairman and CEO of DTE Energy. "We are well on our way to our goal of reducing carbon emissions by more than 80 percent by 2050."
With a maturity of 30 years and an annual fixed coupon of 3.95 percent, a DTE Electric green bond with help to:
DTE's carbon reduction plan is among the most aggressive and was one of the first to be announced in the energy industry – committing the company to significantly higher levels of renewable energy generation and energy efficiency programs, while maintaining reliability and affordability for customers.
About DTE Energy
DTE Energy (NYSE: DTE), DTE Electric's parent, is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include DTE Electric, an electric company serving 2.2 million customers in Southeastern Michigan and DTE Gas, a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Company has filed a registration statement (including a prospectus) with the SEC with respect to the securities and the offering referred to in this communication. The offering of such securities may be made only by means of a prospectus supplement and accompanying prospectus. You may get these documents for free by visiting EDGAR on the SEC website at https://www.sec.gov/. Alternatively, you may obtain a copy of the prospectus and the prospectus supplement by calling Barclays Capital Inc. toll-free at 1-888-603-5847, BNY Mellon Capital Markets LLC toll-free at 1-800-269-6864, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-electric-issues-second-green-bond-300797549.html
SOURCE DTE Energy
DETROIT, Feb. 7, 2019 /PRNewswire/ -- DTE Energy (NYSE:DTE) today reported 2018 earnings of $1.1 billion, or $6.17 per diluted share, compared with $1.1 billion, or $6.32 per diluted share in 2017.
2018 operating earnings were $1.1 billion, or $6.30 per diluted share, compared with 2017 operating earnings of $1.0 billion, or $5.59 per diluted share. The 2018 operating earnings results strongly beat the company's original 2018 guidance. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"Our commitment to safety, the environment, customer satisfaction and our communities contributed to making 2018 a very successful year. We had one of our safest years on record and delivered another strong year financially, which positions us for continued future success," said DTE Chairman and CEO Gerry Anderson.
In addition, the NEXUS Gas Transmission system, a DTE joint venture, signed an agreement to purchase Generation Pipeline, a midstream pipeline asset that provides natural gas supply to Northwest Ohio industrial customers. Generation Pipeline is an existing 24-inch, 23-mile pipeline with current capacity to deliver 355 million cubic feet per day of clean-burning natural gas.
"The decision to purchase Generation Pipeline is consistent with our growth plans for NEXUS and aligns with our commitment to enable large industrial customers in the region to access clean, low-cost natural gas," said Anderson.
Additionally, Anderson noted the following accomplishments:
DTE reaffirms guidance for 2019
DTE reaffirms 2019 operating EPS guidance of $5.97 - $6.33.
"DTE delivered strong financial results in 2018 at both our utility and non-utility businesses while continuing significant investment in reliability and infrastructure improvements," said Peter Oleksiak, DTE senior vice president and CFO. "The company is starting the year in a great position to achieve its financial goals in 2019 as well as over the longer-term horizon."
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (888) 254-3590 or international: (323) 994-2093. The passcode is 2846741. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Thursday, February 21. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 2846741.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2019 operating earnings guidance. It is likely that certain items that impact the company's 2019 reported results will be excluded from operating results. Reconciliations to the comparable 2019 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in the our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 56 | $ | 6 | A | $ | (2) | $ | 60 | $ | 143 | $ | — | $ | (5) | D | $ | 141 | |||||||||||||||||
— | — | 5 | E | (2) | |||||||||||||||||||||||||||||||
DTE Gas | 62 | — | — | 62 | 53 | 2 | E | (1) | 54 | ||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 47 | — | — | 47 | 154 | — | (115) | D | 39 | ||||||||||||||||||||||||||
Power and Industrial | 15 | — | — | 15 | 34 | — | (21) | D | 20 | ||||||||||||||||||||||||||
— | — | 12 | F | (5) | |||||||||||||||||||||||||||||||
Energy Trading | 26 | (13) | B | 3 | 16 | (25) | 51 | B | (20) | 8 | |||||||||||||||||||||||||
— | 2 | D | |||||||||||||||||||||||||||||||||
Total Non-utility | 88 | (13) | 3 | 78 | 163 | 63 | (159) | 67 | |||||||||||||||||||||||||||
Corporate and Other | (15) | — | (20) | C | (35) | (72) | — | 34 | D | (38) | |||||||||||||||||||||||||
Net Income Attributable | $ | 191 | $ | (7) | $ | (19) | $ | 165 | $ | 287 | $ | 70 | $ | (133) | $ | 224 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the three months ended December 31, 2018 and combined federal and state income tax rate of 41% for the three months ended December 31, 2017. |
Adjustments key | ||||||||||||||||||||||||||||||||||||
A) | One-time benefits expense reimbursement, net of customer sharing — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
B) | Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses —Fuel, purchased power, and gas — non-utility | |||||||||||||||||||||||||||||||||||
C) | True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | |||||||||||||||||||||||||||||||||||
D) | Remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense (Benefit) | |||||||||||||||||||||||||||||||||||
E) | Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
F) | Impairment of assets at a reduced emission fuel facility due to a third party plant closure expected to occur in the second quarter of 2018 — recorded in Operating Expenses — Asset (gains) losses and impairments, net |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 0.30 | $ | 0.03 | A | $ | (0.01) | $ | 0.32 | $ | 0.80 | $ | — | $ | (0.03) | D | $ | 0.79 | |||||||||||||||||
— | — | 0.03 | E | (0.01) | |||||||||||||||||||||||||||||||
DTE Gas | 0.34 | — | — | 0.34 | 0.30 | 0.01 | E | — | 0.31 | ||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 0.26 | — | — | 0.26 | 0.86 | — | (0.64) | D | 0.22 | ||||||||||||||||||||||||||
Power and Industrial | 0.08 | — | — | 0.08 | 0.19 | — | (0.12) | D | 0.11 | ||||||||||||||||||||||||||
— | — | 0.07 | F | (0.03) | |||||||||||||||||||||||||||||||
Energy Trading | 0.15 | (0.07) | B | 0.02 | 0.10 | (0.14) | 0.29 | B | (0.12) | 0.04 | |||||||||||||||||||||||||
— | 0.01 | D | |||||||||||||||||||||||||||||||||
Total Non-utility | 0.49 | (0.07) | 0.02 | 0.44 | 0.91 | 0.36 | (0.90) | 0.37 | |||||||||||||||||||||||||||
Corporate and Other | (0.08) | — | (0.11) | C | (0.19) | (0.41) | — | 0.20 | D | (0.21) | |||||||||||||||||||||||||
Net Income Attributable | $ | 1.05 | $ | (0.04) | $ | (0.10) | $ | 0.91 | $ | 1.60 | $ | 0.40 | $ | (0.74) | $ | 1.26 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the three months ended December 31, 2018 and combined federal and state income tax rate of 41% for the three months ended December 31, 2017. | |||||||||||||||||||||||||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 664 | $ | — | $ | 7 | A | $ | 669 | $ | 606 | $ | 16 | F | $ | (6) | $ | 617 | |||||||||||||||||
2 | B | (1) | 10 | B | (4) | ||||||||||||||||||||||||||||||
(4) | C | 1 | (5) | G | |||||||||||||||||||||||||||||||
DTE Gas | 150 | — | 10 | A | 159 | 146 | 5 | B | (2) | 149 | |||||||||||||||||||||||||
1 | B | — | |||||||||||||||||||||||||||||||||
(3) | C | 1 | |||||||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 235 | — | (2) | A | 233 | 275 | — | (115) | G | 160 | |||||||||||||||||||||||||
Power and Industrial | 161 | — | (1) | A | 163 | 138 | — | (21) | G | 124 | |||||||||||||||||||||||||
(4) | C | 1 | 12 | H | (5) | ||||||||||||||||||||||||||||||
8 | D | (2) | |||||||||||||||||||||||||||||||||
Energy Trading | 39 | 1 | E | — | 40 | 72 | (88) | E | 34 | 20 | |||||||||||||||||||||||||
— | — | — | 2 | G | |||||||||||||||||||||||||||||||
Total Non-utility | 435 | 5 | (4) | 436 | 485 | (76) | (105) | 304 | |||||||||||||||||||||||||||
Corporate and Other | (129) | — | 7 | A | (122) | (103) | — | 34 | G | (69) | |||||||||||||||||||||||||
Net Income Attributable | $ | 1,120 | $ | 1 | $ | 21 | $ | 1,142 | $ | 1,134 | $ | (45) | $ | (88) | $ | 1,001 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the year ended December 31, 2018 and combined federal and state income tax rate of 41% for the year ended December 31, 2017. |
Adjustments key | ||||||||||||||||||||||||||||||||||||
A) | True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | |||||||||||||||||||||||||||||||||||
B) | Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
C) | One-time benefits expense reimbursement, net of customer sharing — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
D) | Asset impairment at a renewable power generating facility — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
E) | Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility | |||||||||||||||||||||||||||||||||||
F) | MPSC disallowance of power supply recovery costs related to customer settlement — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions — Interest Expense | |||||||||||||||||||||||||||||||||||
G) | Remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense (Benefit) | |||||||||||||||||||||||||||||||||||
H) | Impairment of assets at a reduced emission fuel facility due to a third party plant closure expected to occur in the second quarter of 2018 — recorded in Operating Expenses — Asset (gains) losses and impairments, net |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax | Income | Operating | Reported | Pre-tax | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 3.66 | $ | — | $ | 0.04 | A | $ | 3.69 | $ | 3.38 | $ | 0.09 | F | $ | (0.03) | $ | 3.44 | |||||||||||||||||
0.02 | B | (0.01) | 0.05 | B | (0.02) | ||||||||||||||||||||||||||||||
(0.03) | C | 0.01 | (0.03) | G | |||||||||||||||||||||||||||||||
DTE Gas | 0.83 | — | 0.06 | A | 0.89 | 0.81 | 0.03 | B | (0.01) | 0.83 | |||||||||||||||||||||||||
0.01 | B | — | |||||||||||||||||||||||||||||||||
(0.02) | C | 0.01 | |||||||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 1.30 | — | (0.01) | A | 1.29 | 1.53 | — | (0.64) | G | 0.89 | |||||||||||||||||||||||||
Power and Industrial | 0.89 | — | (0.01) | A | 0.89 | 0.77 | — | (0.12) | G | 0.69 | |||||||||||||||||||||||||
(0.03) | C | 0.01 | 0.07 | H | (0.03) | ||||||||||||||||||||||||||||||
0.04 | D | (0.01) | |||||||||||||||||||||||||||||||||
Energy Trading | 0.22 | 0.01 | E | — | 0.23 | 0.40 | (0.49) | E | 0.19 | 0.11 | |||||||||||||||||||||||||
— | — | — | 0.01 | G | |||||||||||||||||||||||||||||||
Total Non-utility | 2.41 | 0.02 | (0.02) | 2.41 | 2.70 | (0.42) | (0.59) | 1.69 | |||||||||||||||||||||||||||
Corporate and Other | (0.73) | — | 0.04 | A | (0.69) | (0.57) | — | 0.20 | G | (0.37) | |||||||||||||||||||||||||
Net Income Attributable | $ | 6.17 | $ | — | $ | 0.13 | $ | 6.30 | $ | 6.32 | $ | (0.25) | $ | (0.48) | $ | 5.59 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the year ended December 31, 2018 and combined federal and state income tax rate of 41% for the year ended December 31, 2017. | |||||||||||||||||||||||||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-strong-2018-financial-results-reaffirms-guidance-for-2019-300791415.html
SOURCE DTE Energy
DETROIT, Jan. 31, 2019 /PRNewswire/ -- (NYSE: DTE) -- The DTE Energy Board of Directors declared a $0.9450 per share dividend on its common stock payable April 15, 2019 to shareholders of record at the close of business March 18, 2019. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-issues-dividend-300785212.html
SOURCE DTE Energy
DETROIT, Jan. 28, 2019 /PRNewswire/ -- DTE Energy will issue a Request for Proposal (RFP) for two energy-efficiency programs that offer energy services for Multifamily homes, and Home Energy Consultations for homeowners.
The Multifamily Scope of Work includes an in-unit and common area product direct install component plus a common area rebate component for market rate multifamily properties. The Multifamily Scope of Work also includes a comprehensive income qualified component for properties designated as meeting income qualified requirements.
The Home Energy Consultation component is a direct install products program that gives the customer a written report on what energy efficiency products were installed, additional ways to save energy and what other DTE programs they could participate in.
The Scope of Work for the RFP includes marketing, program management, rebate processing, working with trade allies, and outreach events with the goal of teaching customers about the impact of their energy usage and introducing them to ways to start saving energy.
All contractors interested in receiving more information should send their contact information, referencing the RFP, to EWRRFP@dteenergy.com no later than January 28, 2019.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-to-issue-rfp-for-energy-efficiency-programs-300784665.html
SOURCE DTE Energy
DETROIT, Jan. 25, 2019 /PRNewswire/ -- As a solution is sought to permanently reopen the federal government, DTE Energy has rolled out assistance for impacted government employees having difficulty paying their energy bills.
DTE customer support representatives are standing by to assist federal employees and determine which forms of help – such as flexible payments or billing extensions – will be most beneficial for each customer impacted by the shutdown.
"We are sympathetic to the situation these federal workers and their families are in, and we are offering multiple forms of assistance to help get them through this hardship," said Angie Pizzuti, vice president of customer service, DTE Energy. "We have a history of working with our customers in financial need and helping ensure they continue to receive the heat and power they rely on us to provide."
Customers who feel their financial situation will make it difficult to pay their upcoming energy bills are encouraged to contact DTE by calling 800.477.4747 as soon as possible, as early notice allows DTE customer service staff a broader range of options to provide help. Anyone seeking federal employee assistance will be required to provide documentation of employment to verify eligibility.
Federal workers who qualify may also be enrolled in DTE programs such as Budget Wise Billing which smooths out the peaks of high-energy months and makes bills more predictable and manageable, and the Low Income Self Sufficiency Program, an affordable payment plan for eligible low income customers.
For additional details on DTE's general assistance programs, visit dteenergy.com/help.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 to produce cleaner energy while keeping it safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-assists-federal-workers-impacted-by-government-shutdown-300784476.html
SOURCE DTE Energy
DETROIT, Jan. 18, 2019 /PRNewswire/ -- DTE Energy is launching a $900,000 education program to inform the public – children in particular – about downed wire safety, and will provide funding to purchase electrical safety equipment and train local fire departments across Southeast Michigan, the company announced today.
DTE developed a comprehensive strategy to further emphasize public safety and educate residents about downed power lines following the Michigan Public Service Commission's investigation into the May 4, 2018 wind storm. Tragically, a customer who came in contact with a downed wire died.
"Safety of the public and our employees is always DTE's No. 1 priority, and this new education and training program enhances our downed wire safety commitment," said Heather Rivard, senior vice president, Distribution Operations. "Our post-storm assessment revealed an opportunity for a stronger emphasis around educating our customers about what to do if a power line falls. Touching a downed wire can be deadly and we need to make sure our customers know this; nothing is more important than their safety. The program, agreed to by the Michigan Public Service Commission, provides the framework for us to make a positive impact on the safety of our customers."
The program includes:
"We are exploring every avenue at our disposal to share our safety messages. We are proud to power Southeast Michigan, and we want to make sure the public stays safe around electricity," Rivard said.
DTE reminds its customers that if they see a downed power line, stay at least 20 feet away and report it, either through the DTE mobile app or call 800.477.4747. For additional information about electrical safety, please visit dteenergy.com/safety.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeastern Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, natural gas pipelines, gathering and storage, and energy marketing and trading. As an environmental leader, DTE will reduce carbon dioxide and methane emissions by more than 80 percent by 2050 while keeping energy safe, reliable and affordable. DTE is committed to being a force for good in the communities where it serves through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-invests-900-000-in-electric-safety-education-campaign-for-children-first-responder-training-300780939.html
SOURCE DTE Energy
DETROIT, Dec. 6, 2018 /PRNewswire/ -- The DTE Energy (NYSE: DTE) Board of Directors yesterday announced that its 2019 Annual Meeting of Common Stock Shareholders will be Thursday, May 9.
Shareholders of record at the close of business March 12, 2019 are eligible to vote at the meeting. Shareholders interested in proposing business from the floor or nominating a person for the position of director from the floor must give notice and certain information to the DTE Energy corporate secretary by the close of business on Jan. 3, 2019.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-sets-2019-annual-meeting-date-300761189.html
SOURCE DTE Energy
DETROIT, Dec. 6, 2018 /PRNewswire/ -- From creating pollinator gardens for native bees and monarch butterflies to restoring hundreds of acres of land to its native state, the employees of DTE Energy are now recognized as national leaders in wildlife habitat and environmental protection.
DTE Energy has earned the Wildlife Habitat Council's (WHC) 2018 Corporate Conservation Leadership Award. It is the highest recognition for overall excellence in corporate environmental stewardship. The award recognizes DTE's overall achievement in conservation efforts, exemplary corporate commitment to biodiversity and conservation education as well as meaningful alignments with global conservation objectives. DTE recently accepted the award at the WHC's 2018 Conservation Conference in Baltimore.
DTE currently has 36-certified sites with many more programs planned for certification for the first time by 2020, including pollinator habitats, bald eagle nests and banding, and conservation projects with K-12 schools throughout Michigan.
"DTE employees are national leaders in conservation and environmental protection," said Skiles Boyd, vice president, Environmental Management and Resources for DTE Energy. "These efforts were led by passionate employees who love our land, plants, animals, and volunteer their time to leave behind a better place."
With 36 certified programs in 25 counties, DTE has more WHC certified programs than any other company in Michigan. DTE is helping the WHC expand its Michigan footprint by collaborating with wildlife habitat efforts in West Michigan communities, such as Muskegon and Grand Rapids, getting other businesses and organizations engaged. DTE ranks second nationally among energy companies in WHC certifications. In addition, DTE is the only company in the energy sector actively collaborating with the WHC to expand environmental stewardship initiatives with supply chain partners.
Now celebrating its 30-year anniversary, the WHC's certification program is the only voluntary sustainability standard built on the best practices of global recognition programs. The program recognizes a company's efforts to use its land, resources and partnerships to help address pressing global biodiversity issues.
DTE received its first WHC wildlife certification in 1996 at its Belle River Power Plant for a project that included collaborations with Pheasants Forever and the Cub Scouts to convert leased farmland into food plots for wildlife and building bluebird boxes. As a major land owner in Michigan with lots of shoreline property, DTE voluntarily maintains 8,000 acres of land in its natural state, providing habitat for hundreds of species of birds, mammals, fish and insects – some of which are threatened or endangered. Land at several company sites has been reclaimed for habitats featuring native Michigan plants, including those benefiting the monarch butterfly and other pollinating insects. Ending repetitive mowing improves air quality and makes financial sense, too. Mowed grassy areas burn money in upkeep. When reclaimed, native wildflowers and grasses require much less maintenance and provide food, shelter, and space for a variety of wildlife.
DTE's Michigan Avenue Service Center (Ypsilanti) and Traverse City Service Center were also finalists for the WHC Green Infrastructure Project Award.
DTE's WHC certified program sites
WILDLIFE HABITAT COUNCIL CONSERVATION | LOCATION | INITIAL CERTIFICATION | CERTIFICATION STATUS |
Allen Road Service Center Complex | Melvindale | 2008 | Gold |
Alpena Service Center | Alpena | 2009 | Certified |
Ashley Mews | Ann Arbor | 2007 | Gold |
Belle River Mills Compressor Station | East China Township | 2008 | Gold |
Belle River Power Plant | East China Township | 1996 | Silver |
Big Rapids Service Station | Big Rapids | 2010 | Gold |
Cadillac Service Center | Cadillac | 2010 | Silver |
Citizen's Gas | Adrian | 2016 | Silver |
Coolidge Service Center | Detroit | 2018 | Silver |
Detroit Headquarters Campus | Detroit | 2000 | Silver |
Escanaba Service Center | Escanaba | 2015 | Silver |
Fermi 2 Nuclear Power Plant | Newport | 2000 | Gold |
Gaylord Transmission & Storage Operations Station | Gaylord | 2012 | Silver |
Grayling Service Center | Grayling | 2008 | Silver |
Greenwood Energy Center | Kenockee | 2004 | Gold |
Huron Renewable Energy Center | Bad Axe | 2018 | Silver |
Kalkaska Transmission and Storage Operations | Kalkaska | 2009 | Silver |
Kingsford Service Center | Kingsford | 2015 | Gold |
Ludington Service Center | Ludington | 2009 | Silver |
Michigan Avenue Service Center | Ypsilanti | 2008 | Gold |
Milford Compressor Station | Milford | 2009 | Silver |
Monroe | 1999 | Gold | |
Mt. Pleasant Service Center | Mt. Pleasant | 2008 | Silver |
Muskegon Service Center | Muskegon | 2009 | Gold |
Newport Service Center | Monroe | 2016 | Silver |
Petoskey Service Center | Petoskey | 2015 | Certified |
River Rouge Power Plant | River Rouge | 2004 | TBD |
Sault Ste. Marie Service Center | Sault Ste. Marie | 2015 | Certified |
St. Clair Power Plant | East China Township | 2001 | Silver |
Tawas Service Center | Tawas | 2009 | Silver |
Traverse City Gas Operations | Traverse City | 2009 | Silver |
Trenton Channel Power Plant/Sibley Quarry | Trenton | 2002 | Gold |
W.C. Taggart Compressor Station | Six Lakes | 2003 | Gold |
Washington-10 Compressor Station | Romeo | 2008 | Gold |
Wealthy Street Station | Grand Rapids | 2012 | Certified |
Western Wayne Service Center | Belleville | 2005 | Silver |
About Wildlife Habitat Council
Wildlife Habitat Council partners with corporations, fellow conservation organizations, government agencies and community members to empower and recognize wildlife habitat and conservation education programs. Our members are environmental leaders at local, national and global levels, voluntarily managing their lands to support sustainable ecosystems and the communities that surround them. Since 1988, WHC has certified more than 1,000 habitat and education programs worldwide; WHC Conservation Certification programs can be found in 48 states and 25 countries. To learn more, visit www.wildlifehc.org or follow @WildlifeHC on Twitter.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-earns-wildlife-habitat-councils-highest-honor-with-36-certified-programs-in-michigan-300761312.html
SOURCE DTE Energy
DETROIT, Nov. 27, 2018 /PRNewswire/ -- DTE Energy today announced it is donating a total of $10 million to four Michigan outreach agencies to help low-income residents stay safe and warm during the cold winter months and throughout the year.
The funds may be used to assist residents struggling to pay current and past due utility bills and may also be used to support placing them on DTE's Low Income Self Sufficiency Plan (LSP), which provides for affordable monthly payments based on income and energy usage.
"We'd like to see that every customer eligible for energy assistance is able to receive assistance," said Mark W. Stiers, president and chief operating officer of DTE Gas, DTE Energy. "Lower temperatures are already upon us, so we have a great sense of urgency to assist Michigan's most vulnerable. DTE's $10 million donation will empower our agency partners to help our customers in need stay warm and safe not just for the holidays but year-round."
This marks the seventh year DTE has administered the Low-Income Self Sufficiency Plan program. Since 2012, the plan has seen a nearly 90 percent success rate of enrollees completing their payment plan cycles and building a pattern of self-reliance.
The DTE donations will be given to and administered by The Heat and Warmth Fund (THAW), The Salvation Army, United Way for Southeastern Michigan, and TrueNorth.
"During cold Michigan winters, families across the state need as much help as they can get," said Saunteel Jenkins, THAW's chief executive officer. "THAW is grateful to DTE for our 33-year partnership and this generous donation that will help families stay safe and warm."
"For the past several years DTE has partnered with The Salvation Army helping to provide a warm home for our less fortunate neighbors," said Major Glen Cady, Salvation Army Western Michigan Northern Indian Divisional Commander. "This year once again DTE has stepped up to assist those who come to us in crisis situations. Their commitment to the people of Michigan is an inspiration to all of us at The Salvation Army."
"This latest DTE gift will further strengthen our 2-1-1 agents in helping those in crisis stay warm and that medical equipment is operable throughout the winter months," said Darienne Driver, Ed.D., president and CEO, United Way for Southeastern Michigan. "We are most grateful for our DTE partnership that ensures energy assistance supports are available to those in need across southeast Michigan year after year."
"Our growing partnership with DTE Energy's LSP program allows us to connect more customers in Michigan with the help they deserve," said Nicole Fanjoy, the Division Director for TrueNorth Community Services' emPower program. "We're very glad we can work with DTE to ensure even more people can be safe and warm this winter."
For additional program details and enrollment information, visit dteenergy.com/lsp.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-donates-10-million-to-local-outreach-agencies-to-help-vulnerable-families-stay-safe-and-warm-year-round-300755570.html
SOURCE DTE Energy
DETROIT, Nov. 19, 2018 /PRNewswire/ -- Winter is on its way to Michigan, but natural gas customers of DTE Energy may see some relief from energy costs this season.
Across the November-March heating season, the typical residential natural gas customer can expect to spend about 7.5 percent, or about $44, less than over the same period last year. The decrease is the result of reductions in the cost of natural gas and a usage-based tax credit reflecting the company's federal tax savings from 2018.
"Customers are going to save this winter because DTE has been able to keep its cost for natural gas down through our buying strategy, and what we pay is what customers pay," said Dan Brudzynski, vice president of Gas Sales and Supply at DTE Energy. "By purchasing gas throughout the year and storing it until now when customers need it, we've been able to take advantage of lower prices and lock those savings in."
Bills will also be lighter this heating season as DTE returns federal tax savings to customers through a usage-based credit. Under DTE's plan approved by the Michigan Public Service Commission, customers will see their share of DTE's tax savings from the first half of 2018 returned as credits based on monthly usage in the first half of 2019.
"DTE is committed to returning 100 percent of its tax savings back to customers, and this credit will benefit customers by lowering their monthly bills when their gas usage is at its peak," said Brudzynski.
Both the National Weather Service and DTE's internal meteorologist are forecasting the winter to be slightly warmer than last year and closer to historic norms. "Weather is one of the primary factors that influences monthly bills for customers," said Brudzynski. "As the weather gets colder, usage increases, and that makes bills go up."
To help customers find ways to manage their usage and monthly bills over the winter, DTE has launched a one-stop webpage for energy efficiency tips, billing information and winter safety information at dteenergy.com/staywarm. Commercial customers can visit dteenergy.com/heatingseason for tips and information specifically for businesses.
"We've relaunched our heating season webpages to serve as a quick and simple way for customers to get the information they need to take control of their usage and bills this winter," said Brudzynski.
In addition to the online resources, DTE is launching a statewide campaign throughout the fall and winter to educate and empower customers to manage their heating costs.
"We want to make sure everyone, whether they're in Detroit, Grand Rapids or up north in the U.P., knows what they can do to keep their heating costs under control," said Brudzynski.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content to download multimedia:http://www.prnewswire.com/news-releases/lower-natural-gas-costs-tax-credits-help-dte-energy-keep-bills-down-this-winter-300752517.html
SOURCE DTE Energy
DETROIT, Nov. 9, 2018 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.945 per share dividend on its common stock payable Jan. 15, 2019, to shareholders of record at the close of business Dec. 17, 2018.
This is a $0.0625 per share − or seven percent − increase from the previous quarterly dividend of $0.8825 per share and reflects the Board's confidence in the company's growth plans. The new annualized dividend per share is $3.78, up from $3.53. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
"This increase reflects the company's strong performance and ability to consistently achieve our goals," said Gerry Anderson, DTE Energy Chairman and CEO. "Over the past seven years, DTE Energy has provided average annual dividend increases of more than six percent. The Board's approval of the increase signals confidence in the company's performance and long-term strategic plan."
In addition, DTE is maintaining its targeted seven percent dividend growth through 2020 – higher than the six percent average dividend increase over the past seven years.
"We recognize the value of our long history of dividend growth and the role it plays in delivering above-average shareholder returns. We're confident in our growth plan and our longer-term outlook is strong," Anderson added.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-increases-dividend-7-percent-300747170.html
SOURCE DTE Energy
DETROIT, Nov. 1, 2018 /PRNewswire/ -- A new organization dedicated to spurring job growth in Southeastern Michigan has been launched and has hired its first CEO. Barry Matherly will join the group, transitioning from his role as president and CEO of a similar initiative in Virginia, and will lead the effort to ensure that Southeast Michigan's 11 counties are served by a well-funded, world-class business attraction initiative.
"The goal of this new organization is to develop a strategic and comprehensive strategy to market our region to out-of-state and international companies and build on the region's momentum and recovery by attracting investment and jobs that will add vitality to our communities," said Gerry Anderson, DTE Energy Chairman and CEO, and chair of the new economic development entity. "Many regions formed dedicated, sophisticated organizations like this a decade ago; it's time for us to develop major marketing muscle for our area. We're excited about launching this work and are excited about the person we've chosen as its first CEO."
The new group selected a CEO with a proven track record in economic development. Barry Matherly will join the nonprofit from Richmond, Virginia where he was the President and CEO of the regional economic development organization for the City of Richmond and the counties that surround it in Virginia. Matherly, who has an extensive career in regional economic development that includes positions in numerous regional economic development organizations, will begin work in January 2019.
"The economy of Southeastern Michigan is continuing to grow with many local success stories throughout the region," Matherly said. "Creating a new regional organization to better market this success and drive increased growth is very exciting. I can't wait to get started."
"Barry comes to our region with an established track-record of driving international investments and recruitment of companies and jobs to Richmond," said Sandy Baruah, President and CEO of the Detroit Regional Chamber and a member of the new entity's board. "I look forward to working collaboratively with Barry to drive increased investments and jobs for the 11-county region we represent."
Joining Anderson and Baruah on the board, which will be expanded over time to include broad private sector leadership, are the following public sector leaders:
"Our economic growth as a region has been good, but this new organization can help us lead the nation in regional investment and job growth," said Mark Hackel, Macomb County Executive.
Mayor Mike Duggan agreed: "Regionally we have landed many exciting new businesses and jobs and this organization will drive even more investment and employment. In attracting new investments and jobs to the region, this is an important step forward." Wayne County Executive Warren Evans added, "This new effort will put us in the business attraction game in a way we just haven't been. Given all the assets we have to market around as a region, it's going to be exciting to see what possibilities this new organization can help bring to reality."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
About the Detroit Regional Chamber
Serving the business community for more than 100 years, the Detroit Regional Chamber is one of the oldest, largest and most respected chambers of commerce in the country. As the voice for business in the 11-county Southeast Michigan region, the Chamber's mission is carried out through creating a business-friendly climate and value for members, leading a robust economic development strategy, and convening Michigan's most influential audience at the nationally unique Mackinac Policy Conference.
View original content to download multimedia:http://www.prnewswire.com/news-releases/new-regional-economic-development-group-launches-hires-ceo-and-forms-board-300742444.html
SOURCE DTE Energy
DETROIT, Oct. 24, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported third quarter 2018 earnings of $334 million, or $1.84 per diluted share, compared with $270 million, or $1.51 per diluted share in 2017.
Operating earnings for the third quarter 2018 were $388 million, or $2.13 per diluted share, compared with 2017 operating earnings of $264 million, or $1.48 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"This year, DTE Energy has made significant strides in our drive for a cleaner energy future," said DTE Energy Chairman and CEO Gerry Anderson. "At the same time, our financial performance continues to be strong and we are well positioned for another successful year."
Anderson noted the following business and environmental accomplishments:
Financial outlook
DTE Energy increased 2018 operating EPS guidance from $5.94 - $6.32 to $6.12 - $6.48.
"We delivered strong third quarter financial results driven primarily by warm weather allowing for significant reliability investments and putting us in position to increase guidance for 2018 for the second time this year," said Peter Oleksiak, DTE Energy senior vice president and CFO.
DTE Energy also provided 2019 operating EPS early outlook guidance range of $5.97 - $6.33.
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, November 7. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 9327084.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2018 operating earnings guidance and 2019 early outlook. It is likely that certain items that impact the company's 2018 and 2019 reported results will be excluded from operating results. Reconciliations to the comparable 2018 reported earnings guidance and 2019 early outlook are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; the cost of protecting assets against, or damage due to, cyber crime and terrorism; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2017 Form 10-K and 2018 Forms 10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax Adjustments | Income | Operating | Reported | Pre-tax Adjustments | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 305 | $ | — | $ | (1) | A | $ | 304 | $ | 219 | $ | 5 | D | $ | (2) | $ | 222 | |||||||||||||||||
DTE Gas | (30) | — | 2 | A | (28) | (15) | 3 | D | (1) | (13) | |||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 66 | — | (2) | A | 64 | 36 | — | — | 36 | ||||||||||||||||||||||||||
Power and Industrial | 58 | — | (1) | A | 63 | 44 | — | — | 44 | ||||||||||||||||||||||||||
8 | B | (2) | |||||||||||||||||||||||||||||||||
Energy Trading | (13) | 37 | C | (9) | 15 | 1 | (18) | C | 7 | (10) | |||||||||||||||||||||||||
Total Non-utility | 111 | 45 | (14) | 142 | 81 | (18) | 7 | 70 | |||||||||||||||||||||||||||
Corporate and Other | (52) | — | 22 | A | (30) | (15) | — | — | (15) | ||||||||||||||||||||||||||
Net Income Attributable | $ | 334 | $ | 45 | $ | 9 | $ | 388 | $ | 270 | $ | (10) | $ | 4 | $ | 264 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the three months ended September 30, 2018 and combined federal and state income tax rate of 41% for the three months ended September 30, 2017. | |||||||||||||||||||||||||||||||||||
Adjustments key | |||||||||||||||||||||||||||||||||||
A) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | |||||||||||||||||||||||||||||||||||
B) Asset impairment at a renewable power generating facility — recorded in Operating Expenses — Assets (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility | |||||||||||||||||||||||||||||||||||
D) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax Adjustments | Income | Operating | Reported | Pre-tax Adjustments | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 1.68 | $ | — | $ | (0.01) | A | $ | 1.67 | $ | 1.22 | $ | 0.03 | D | $ | (0.01) | $ | 1.24 | |||||||||||||||||
DTE Gas | (0.17) | — | 0.01 | A | (0.16) | (0.08) | 0.02 | D | (0.01) | (0.07) | |||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 0.36 | — | (0.01) | A | 0.35 | 0.20 | — | — | 0.20 | ||||||||||||||||||||||||||
Power and Industrial | 0.32 | — | (0.01) | A | 0.34 | 0.24 | — | — | 0.24 | ||||||||||||||||||||||||||
0.04 | B | (0.01) | |||||||||||||||||||||||||||||||||
Energy Trading | (0.07) | 0.20 | C | (0.05) | 0.08 | 0.01 | (0.10) | C | 0.04 | (0.05) | |||||||||||||||||||||||||
Total Non-utility | 0.61 | 0.24 | (0.08) | 0.77 | 0.45 | (0.10) | 0.04 | 0.39 | |||||||||||||||||||||||||||
Corporate and Other | (0.28) | — | 0.13 | A | (0.15) | (0.08) | — | — | (0.08) | ||||||||||||||||||||||||||
Net Income Attributable | $ | 1.84 | $ | 0.24 | $ | 0.05 | $ | 2.13 | $ | 1.51 | $ | (0.05) | $ | 0.02 | $ | 1.48 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the three months ended September 30, 2018 and combined federal and state income tax rate of 41% for the three months ended September 30, 2017. | |||||||||||||||||||||||||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax Adjustments | Income | Operating | Reported | Pre-tax Adjustments | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 608 | $ | — | $ | 7 | A | $ | 609 | $ | 463 | $ | 16 | F | $ | (6) | $ | 476 | |||||||||||||||||
2 | B | (1) | 5 | B | (2) | ||||||||||||||||||||||||||||||
(10) | C | 3 | |||||||||||||||||||||||||||||||||
DTE Gas | 88 | — | 10 | A | 97 | 93 | 3 | B | (1) | 95 | |||||||||||||||||||||||||
1 | B | — | |||||||||||||||||||||||||||||||||
(3) | C | 1 | |||||||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 188 | — | (2) | A | 186 | 121 | — | — | 121 | ||||||||||||||||||||||||||
Power and Industrial | 146 | — | (1) | A | 148 | 104 | — | — | 104 | ||||||||||||||||||||||||||
(4) | C | 1 | |||||||||||||||||||||||||||||||||
8 | D | (2) | |||||||||||||||||||||||||||||||||
Energy Trading | 13 | 14 | E | (3) | 24 | 97 | (139) | E | 54 | 12 | |||||||||||||||||||||||||
Total Non-utility | 347 | 18 | (7) | 358 | 322 | (139) | 54 | 237 | |||||||||||||||||||||||||||
Corporate and Other | (114) | — | 27 | A | (87) | (31) | — | — | (31) | ||||||||||||||||||||||||||
Net Income Attributable | $ | 929 | $ | 8 | $ | 40 | $ | 977 | $ | 847 | $ | (115) | $ | 45 | $ | 777 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the nine months ended September 30, 2018 and combined federal and state income tax rate of 41% for the nine months ended September 30, 2017. | |||||||||||||||||||||||||||||||||||
Adjustments key | |||||||||||||||||||||||||||||||||||
A) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | |||||||||||||||||||||||||||||||||||
B) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
C) One-time benefits expense reimbursement — recorded in Operating Expenses — Operation and maintenance | |||||||||||||||||||||||||||||||||||
D) Asset impairment at a renewable power generating facility — recorded in Operating Expenses — Assets (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
E) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility | |||||||||||||||||||||||||||||||||||
F) MSPC disallowance of power supply recovery costs related to customer settlement — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions — Interest Expense |
DTE Energy Company | |||||||||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||||||||||||||
Reported | Pre-tax Adjustments | Income | Operating | Reported | Pre-tax Adjustments | Income | Operating | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
DTE Electric | $ | 3.36 | $ | — | $ | 0.04 | A | $ | 3.37 | $ | 2.58 | $ | 0.09 | F | $ | (0.03) | $ | 2.66 | |||||||||||||||||
0.02 | B | (0.01) | 0.03 | B | (0.01) | ||||||||||||||||||||||||||||||
(0.06) | C | 0.02 | |||||||||||||||||||||||||||||||||
DTE Gas | 0.49 | — | 0.06 | A | 0.55 | 0.52 | 0.02 | B | (0.01) | 0.53 | |||||||||||||||||||||||||
0.01 | B | — | |||||||||||||||||||||||||||||||||
(0.02) | C | 0.01 | |||||||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
Gas Storage and Pipelines | 1.04 | — | (0.01) | A | 1.03 | 0.68 | — | — | 0.68 | ||||||||||||||||||||||||||
Power and Industrial | 0.81 | — | (0.01) | A | 0.81 | 0.57 | — | — | 0.57 | ||||||||||||||||||||||||||
(0.03) | C | 0.01 | |||||||||||||||||||||||||||||||||
0.04 | D | (0.01) | |||||||||||||||||||||||||||||||||
Energy Trading | 0.07 | 0.08 | E | (0.02) | 0.13 | 0.54 | (0.78) | E | 0.31 | 0.07 | |||||||||||||||||||||||||
Total Non-utility | 1.92 | 0.09 | (0.04) | 1.97 | 1.79 | (0.78) | 0.31 | 1.32 | |||||||||||||||||||||||||||
Corporate and Other | (0.64) | — | 0.14 | A | (0.50) | (0.17) | — | — | (0.17) | ||||||||||||||||||||||||||
Net Income Attributable | $ | 5.13 | $ | 0.04 | $ | 0.22 | $ | 5.39 | $ | 4.72 | $ | (0.64) | $ | 0.26 | $ | 4.34 | |||||||||||||||||||
* Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 27% for the nine months ended September 30, 2018 and combined federal and state income tax rate of 41% for the nine months ended September 30, 2017. | |||||||||||||||||||||||||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-strong-third-quarter-2018-results-raises-2018-guidance-and-provides-2019-early-outlook-300736197.html
SOURCE DTE Energy
JACKSON, Mich., Oct. 11, 2018 /PRNewswire/ -- DTE Energy, Consumers Energy, the Lansing Board of Water & Light (BWL) and all members of the Michigan Energy Workforce Development Consortium (MEWDC) are taking steps to attract the next generation of talent, using Careers in Energy Week, Oct. 15-19, to let Michigan students and adults know about professional opportunities in the energy industry all over the state.
In its fifth year, Careers in Energy Week will provide hands-on opportunities for students to learn about career possibilities in a growing industry. More than 108,000 Michigan residents hold energy-related jobs today, and the Michigan Workforce Development Agency estimates energy jobs will grow by 6 percent through 2026.
"Careers in Energy Week puts the spotlight squarely on the exciting opportunities that are available for Michigan's next generation to continue powering our state," said Amber Fogarty, energy talent pipeline specialist for Consumers Energy. "We want students to come away from this week's activities seeing they can have a bright future doing all types of challenging, rewarding work for energy providers."
"The high demand for skilled trades professionals in Michigan's energy industry continues," said Tracy DiSanto, DTE Energy manager, Workforce Planning and Analytics, and co-chair of the Michigan Energy Workforce Development Consortium (MEWDC). "This week offers students across the state hands-on experiences, giving them the tools they need to understand the many paths to a great career."
"We're glad to open our doors to the next generation and show them what a career in the energy industry can look like," said BWL Executive Director of Human Resources Michael Flowers. "We're looking ahead to become the utility of the future, and part of that includes attracting the right talent to help us achieve our goal of providing 30 percent clean energy by 2020 and 40 percent by 2030."
Careers in Energy Week helps feed the talent pipeline for jobs in the growing energy industry. Energy providers have hired over 2,500 new employees into energy careers since January 2017, and up to 1,000 internship and co-op students.
Among other accomplishments:
During Careers in Energy Week, the MEWDC will launch its first social media contest, "I Got Into Energy," (#GetIntoEnergyMichigan) for high schoolers. Students will participate in social media activities throughout the week to increase visibility of energy industry careers.
"Michigan is bursting at the seams with endless opportunities in the Professional Trades," said Talent and Economic Development (Ted) Interim Director Jeremy Hendges. "And as Michigan continues to lead the way in revolutionary developments to bring affordable and reliable energy to Michiganders, it's vital we have people with the Professional Trades skills needed to keep our state moving forward. This consortium and the work we are doing at Ted with the Marshall Plan will be what powers Michigan's bright future."
The MEWDC is an industry-led partnership of more than 50 organizations dedicated to addressing current and future workforce issues that are crucial to building and sustaining Michigan's energy industry. MEWDC recently created Michigan's 17th career cluster in energy, enabling high schools and community colleges to incorporate energy-related courses in their curriculum. DTE Energy and Consumers Energy support energy education efforts at schools and nonprofit groups through annual Foundation contributions of more than $5.5 million.
For the full list of events taking place for Careers in Energy Week and to access "I Got Into Energy" videos, go to http://consortia.getintoenergy.com/michigan/
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
About Consumers Energy
Consumers Energy, Michigan's largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.
About Lansing Board of Water & Light
The Lansing Board of Water & Light is a municipally owned public utility dating back to 1885, when Lansing citizens approved building a water system. Electricity was added to the list of utility services in 1892, steam heat in 1919 and hilled water in 2001. BWL's mission is to provide safe, reliable and affordable utility products and services to over 97,000 electric and 55,000 water customers throughout the greater Lansing area.
View original content to download multimedia:http://www.prnewswire.com/news-releases/careers-in-energy-week-puts-the-focus-on-attracting-talent-to-job-opportunities-in-michigan-300729693.html
SOURCE Consumers Energy
DETROIT, Oct. 11, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its third quarter 2018 earnings before the market opens Wednesday, Oct. 24, 2018.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-third-quarter-2018-earnings-release-conference-300729533.html
SOURCE DTE Energy
DETROIT, Sept. 27, 2018 /PRNewswire/ -- DTE Energy will reduce methane emissions from its natural gas utility operations by more than 80 percent by 2040 – part of a broad sustainability initiative the company has launched to reduce greenhouse gas emissions and address climate change while continuing to provide customers with reliable and affordable power.
"Since 2011 DTE's improvements in our natural gas distribution system have resulted in a 16 percent reduction in methane emissions," said Mark Stiers, president and chief operating officer, DTE Gas. "Our continued commitment to gas main replacement and proactive compressor station maintenance will allow us to reduce methane emissions by more than 80 percent in the next 20 years."
DTE is achieving these reductions by replacing steel and cast iron pipelines at a more accelerated pace than recommended by the Environmental Protection Agency and installing new materials, such as polyethylene tubing for main and service lines and epoxy coated high-strength steel for transmission lines.
DTE transports natural gas, which serves as the energy source for providing heat, powering appliances and much more for 1.3 million residential and business customers throughout Michigan. With DTE moving to retire all of its coal-fired plants by 2040 to cut carbon emissions by 80 percent, the company also is increasing its use of natural gas as a low-emission 24/7 energy source to produce electricity for 2.2 million customers in Southeastern Michigan.
Natural gas is a clean, safe and reliable source of energy. It will play a key role in partnership with DTE's growing capacity of emission-free renewable energy to ensure cleaner, reliable and affordable energy for Michigan residents
DTE plans to double its renewable energy capacity from 1,000 megawatts to 2,000 megawatts by 2022 – providing enough additional electricity to power 800,000 homes, while driving investments of more than $1.7 billion in Michigan. Within the next year, DTE will begin operating the Pine River and Polaris wind parks, which will have a combined capacity of 330 megawatts and be DTE's largest and most efficient wind parks to date.
"DTE has demonstrated that methane emissions can be reduced while at the same time allowing natural gas to play an integral role in the company's energy portfolio while transitioning to a reduced carbon emission infrastructure," Stiers said. "A balanced mix of energy sources, such as wind, solar and natural gas, is an important part of DTE's strategy to deliver safe, secure, reliable, affordable and cleaner power to our customers and all Michigan consumers."
DTE broke ground in August on the natural gas-fueled Blue Water Energy Center in East China Township, Mich. When it becomes operational in 2022, it will be the most efficient power plant in the state producing affordable and reliable low-emission electricity for 850,000 homes starting in 2022.
Methane accounts for about 10 percent of total greenhouse gas emissions, according to the EPA. The transmission and storage sector of the natural gas industry has reduced its methane emissions by 44 percent from 1990 to 2016.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at
dteenergy.com
,
twitter.com/dte_energy
and
facebook.com/dteenergy
.
View original content to download multimedia:http://www.prnewswire.com/news-releases/dte-energy-cutting-methane-emissions-by-80-percent-300720672.html
SOURCE DTE Energy
DETROIT, Aug. 29, 2018 /PRNewswire/ -- DTE Energy Beacon Park Foundation and the Downtown Detroit Partnership are pleased to announce the 2018 fall schedule of free events for Beacon Park, which is located at the corner of Grand River and Cass Ave. in Detroit. Visitors of all ages are invited to enjoy everything the season has to offer beginning in September.
The 4th Annual Parktoberfest returns to Downtown Detroit Sept. 21 – 23 with three full days of free activities and entertainment hosted by Beacon Park. The German-style festival will feature the Big Biergarten Tent, an impressive selection of craft, seasonal and Oktoberfest biers, ceremonial and specialty keg tappings, traditional German sausages, pretzels and other fall-inspired food. In addition, there will be live music, kids activities, traditional dance and stein-hoisting and keg lifting competitions.
The return of Detroit Lions Tailgate Parties welcomes football fans of all ages to enjoy music, lawn games, signature drinks from Lumen, ticket giveaways, tailgate fare for purchase and games live-streamed on the big screen under the comfort of a tent. The party kicks off two hours prior to the following home games:
Monday, Sept. 10 Lions vs. NY Jets, 5 p.m. to 10 p.m.
Sunday, Sept. 23 Lions vs. New England Patriots, 6 p.m. to midnight
Sunday, Oct. 28 Lions vs. Seattle Seahawks, 11 a.m. to 5 p.m.
Sunday, Nov. 18 Lions vs. Carolina Panthers, 11 a.m. to 5 p.m.
Sunday, Dec. 2 Lions vs. LA Rams, 11 a.m. to 5 p.m.
If you can't score tickets to Michigan's most exciting sports rivalry, then head to Beacon Park for the Big Game Detroit Rally and Tailgate on Saturday, Oct. 20 (time to be announced) to watch the University of Michigan Wolverines vs. Michigan State Spartans game on the big screen. Also, enjoy a Spartan vs. Wolverine cornhole tournament, music, games, ticket giveaways, plus food and drinks for purchase.
Bring the little ones in costume to Beacon Park's free Halloween Family Fun Day on Saturday, Oct. 27 from 1 p.m. to 5 p.m. for a howling good time complete with trick and treating, face painting, inflatables, make and take activities, cider and donuts, music and more.
"We're excited to bring a well-rounded mix of events this fall to Beacon Park," said Nancy Moody, DTE Energy vice president of Public Affairs. "We welcome autumn, along with the visitors to the park, with seasonal fun, free events for everyone while adding to the diverse programs that Downtown Detroit has to offer."
For more information on Beacon Park and a complete schedule of events, visit DTEBeaconPark.com.
About Beacon Park
Beacon Park, located at Grand River and Cass Avenue, was developed by DTE Energy (NYSE: DTE) as both a programmed public space and a catalyst for growth in west central downtown. The park hosts hundreds of events annually, from headliner concerts to family fun days and fitness boot camps. Programming for the park is underwritten by the DTE Beacon Park Foundation. Visit DTEBeaconPark.com for a full list of events.
About Downtown Detroit Partnership
Downtown Detroit Partnership strengthens and supports Downtown Detroit through strategic initiatives and programs. DDP convenes business, philanthropic, and government partners to create a vibrant, resilient urban core for Detroit and the surrounding community. DDP is responsible for programming, managing and operating several of Downtown Detroit's parks and public spaces. For more information, visit downtowndetroit.org.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-beacon-park-announces-fall-lineup-of-free-events-including-football-games-on-the-big-screen-tailgates-oktoberfest-celebration-and-halloween-party-300703802.html
SOURCE DTE Energy
DETROIT, July 25, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported second quarter 2018 earnings of $234 million, or $1.29 per diluted share, compared with $177 million, or $0.99 per diluted share in 2017.
Operating earnings for the second quarter 2018 were $247 million, or $1.36 per diluted share, compared with 2017 operating earnings of $191 million, or $1.07 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"Our financial performance this quarter was strong across all businesses. The strength at our non-utility businesses has put us in a position to raise our 2018 earnings guidance. Additionally, in the first half of the year we laid the foundation for exciting investments and initiatives ahead of us that will transform both our company and our communities," said DTE Energy Chairman and CEO Gerry Anderson.
Anderson noted the following accomplishments:
Outlook for 2018
DTE Energy increases 2018 operating EPS guidance from $5.57 - $5.99 to $5.94 - $6.32.
"We delivered solid second quarter financial results across all of our business units, with considerable strength at our non-utility businesses," said Peter Oleksiak, DTE Energy senior vice president and CFO. "The strong performance at our non-utilities has put us in a great position to increase guidance for 2018."
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, August 8. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 9327084.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2018 operating earnings guidance. It is likely that certain items that impact the company's 2018 reported results will be excluded from operating results. Reconciliations to the comparable 2018 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; the cost of protecting assets against, or damage due to, cyber crime and terrorism; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power or reduce power consumption; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2017 Form 10-K and 2018 Form 10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2018 |
2017 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
163 |
$ |
— |
$ |
163 |
$ |
138 |
$ |
10 |
B |
$ |
148 |
||||||||||||
DTE Gas |
14 |
— |
14 |
1 |
— |
1 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
60 |
— |
60 |
40 |
— |
40 |
|||||||||||||||||||
Power and Industrial Projects |
43 |
— |
43 |
30 |
— |
30 |
|||||||||||||||||||
Energy Trading |
(5) |
13 |
A |
8 |
— |
4 |
A |
4 |
|||||||||||||||||
Total Non-utility operations |
98 |
13 |
111 |
70 |
4 |
74 |
|||||||||||||||||||
Corporate and Other |
(41) |
— |
(41) |
(32) |
— |
(32) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
234 |
$ |
13 |
$ |
247 |
$ |
177 |
$ |
14 |
$ |
191 |
|||||||||||||
Adjustments key | |
A) |
Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded |
B) |
MPSC disallowance of power supply recovery costs related to a customer settlement — recorded in Operating Revenues — Utility operations and Other |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2018 |
2017 | ||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported |
Adjustments(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
0.90 |
$ |
— |
$ |
0.90 |
$ |
0.77 |
$ |
0.06 |
B |
$ |
0.83 |
||||||||||||
DTE Gas |
0.08 |
— |
0.08 |
0.01 |
— |
0.01 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.33 |
— |
0.33 |
0.22 |
— |
0.22 |
|||||||||||||||||||
Power and Industrial Projects |
0.24 |
— |
0.24 |
0.17 |
— |
0.17 |
|||||||||||||||||||
Energy Trading |
(0.03) |
0.07 |
A |
0.04 |
— |
0.02 |
A |
0.02 |
|||||||||||||||||
Total Non-utility operations |
0.54 |
0.07 |
0.61 |
0.39 |
0.02 |
0.41 |
|||||||||||||||||||
Corporate and Other |
(0.23) |
— |
(0.23) |
(0.18) |
— |
(0.18) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.29 |
$ |
0.07 |
$ |
1.36 |
$ |
0.99 |
$ |
0.08 |
$ |
1.07 |
|||||||||||||
(1) |
Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, |
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2018 |
2017 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
303 |
$ |
8 |
A |
$ |
305 |
$ |
244 |
$ |
10 |
E |
$ |
254 |
|||||||||||
1 |
B |
||||||||||||||||||||||||
(7) |
C |
||||||||||||||||||||||||
DTE Gas |
118 |
8 |
A |
125 |
108 |
— |
108 |
||||||||||||||||||
1 |
B |
||||||||||||||||||||||||
(2) |
C |
||||||||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
122 |
— |
122 |
85 |
— |
85 |
|||||||||||||||||||
Power and Industrial Projects |
88 |
(3) |
C |
85 |
60 |
— |
60 |
||||||||||||||||||
Energy Trading |
26 |
(17) |
D |
9 |
96 |
(74) |
D |
22 |
|||||||||||||||||
Total Non-utility operations |
236 |
(20) |
216 |
241 |
(74) |
167 |
|||||||||||||||||||
Corporate and Other |
(62) |
5 |
A |
(57) |
(16) |
— |
(16) |
||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
595 |
$ |
(6) |
$ |
589 |
$ |
577 |
$ |
(64) |
$ |
513 |
|||||||||||||
Adjustments key | |
A) |
True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense |
B) |
Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and |
C) |
One-time benefits expense reimbursement — recorded in Operating Expenses — Operation and maintenance (net of tax of $(2M), $(1M), and $(1M) for |
D) |
Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded |
E) |
MPSC disallowance of power supply recovery costs related to a customer settlement — recorded in Operating Revenues — Utility operations and Other |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2018 |
2017 | ||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported |
Adjustments(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
1.68 |
$ |
0.04 |
A |
$ |
1.69 |
$ |
1.36 |
$ |
0.06 |
E |
$ |
1.42 |
|||||||||||
0.01 |
B |
||||||||||||||||||||||||
(0.04) |
C |
||||||||||||||||||||||||
DTE Gas |
0.65 |
0.04 |
A |
0.69 |
0.60 |
— |
0.60 |
||||||||||||||||||
0.01 |
B |
||||||||||||||||||||||||
(0.01) |
C |
||||||||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.68 |
— |
0.68 |
0.47 |
— |
0.47 |
|||||||||||||||||||
Power and Industrial Projects |
0.49 |
(0.02) |
C |
0.47 |
0.33 |
— |
0.33 |
||||||||||||||||||
Energy Trading |
0.14 |
(0.09) |
D |
0.05 |
0.54 |
(0.41) |
D |
0.13 |
|||||||||||||||||
Total Non-utility operations |
1.31 |
(0.11) |
1.20 |
1.34 |
(0.41) |
0.93 |
|||||||||||||||||||
Corporate and Other |
(0.35) |
0.03 |
A |
(0.32) |
(0.09) |
— |
(0.09) |
||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
3.29 |
$ |
(0.03) |
$ |
3.26 |
$ |
3.21 |
$ |
(0.35) |
$ |
2.86 |
|||||||||||||
(1) |
Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, |
Adjustments key — see previous page |
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-strong-second-quarter-2018-results-raises-guidance-300686116.html
SOURCE DTE Energy
DETROIT, July 16, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its second quarter 2018 earnings before the market opens on Wednesday, July 25.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-second-quarter-2018-earnings-release-conference-call-300681331.html
SOURCE DTE Energy
DETROIT, July 9, 2018 /PRNewswire/ -- Points of Light, the world's largest organization dedicated to volunteer service, announced that DTE Energy has been named among the organization's Civic 50 -- the top 50 companies nationally in corporate citizenship. DTE Energy was the only Michigan company to be awarded this prestigious honor and was also acknowledged as the leading energy company nationally. The announcement was made at the Service Unites 2018, Points of Light's annual conference on Tuesday, June 19 in Atlanta, where leaders from across the country gathered to discuss social innovation, civic engagement and cross-sector collaboration.
"DTE Energy is passionate about being a Force for Growth in the communities where we live and serve, and this national award validates our efforts as we continue to make an impact through our work," said Nancy Moody, vice president of public affairs at DTE Energy. "We recognize our role and the opportunity we have to lead as a corporate citizen who cares about its customers and look forward to building on our momentum for years to come."
The Civic 50 honorees are public and private companies with U.S. operations and revenues of $1 billion or more, and are selected based on four dimensions of their U.S. community engagement program including investment, integration, institutionalization and impact.
"The Civic 50 truly highlights the commitment of community and civic engagement of America's leading brands," said Natalye Paquin, president and CEO, Points of Light. "Points of Light highlights the people that people drive change in addressing society's growing and most profound challenges. The business community plays an important role in creating and delivering innovative solutions that drive social good in the communities where they live and work."
The Civic 50 survey was administered by True Impact, a company specializing in helping organizations maximize and measure their social and business value. The survey instrument consists of quantitative and multiple-choice questions that inform The Civic 50 scoring process. The Civic 50 is the only survey and ranking system that exclusively measures corporate involvement in communities.
To learn more about DTE Energy's work to be a force for growth, visit DTEImpact.com.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, dteimpact.com, dtefoundation.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
About Points of Light
Points of Light, the world's largest organization dedicated to volunteer service, mobilizes millions of people to take action that is changing the world. Through affiliates in more than 200 cities and partnerships with thousands of nonprofits and corporations, Points of Light engages four million volunteers in 20 million hours of service each year. We bring the power of people where it's needed most. For more information, visit www.pointsoflight.org.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-ranked-as-michigans-top-corporate-citizen-by-points-of-light-300677083.html
SOURCE DTE Energy
DETROIT, June 7, 2018 /PRNewswire/ -- DTE Energy today released its 2017 Corporate Citizenship Highlights, the company's annual publication detailing corporate responsibility efforts in priority areas ranging from the environment to workforce development and neighborhood revitalization. The Corporate Citizenship Highlights covers many of the company's key initiatives impacting communities across Michigan, including:
This year, the company added a companion website, DTEImpact.com, to provide real-time reporting on DTE's corporate citizenship efforts. The website explores the company's numerous initiatives statewide and shares both performance data and reports.
"Our customers and those who follow DTE have told us that they appreciate DTE's comprehensive annual corporate citizenship report, but are also interested in following our efforts as they happen," says Nancy Moody, DTE vice president of Public Affairs. "The website provides the real-time reporting that our stakeholders have requested while the Highlights publication is a comprehensive look back at our efforts for the previous year. Together, these two communication channels provide a clear view into our commitment, goals and accomplishments."
In addition to DTEImpact.com, the company also launched two additional websites. DTEFoundation.com is the digital hub for the DTE Energy Foundation. The site offers an online grant portal, expanded content for nonprofit and community partners, as well as applicant information including Foundation priorities, timetables, and how to apply for grants. DTEBeaconPark.com highlights events at Detroit's newest public space, Beacon Park, which was developed by DTE and is programmed year-round with events ranging from headline concerts to recreational sports and family fun days.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, dteimpact.com, dtefoundation.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-releases-annual-corporate-citizenship-report-and-debuts-new-website-designed-to-highlight-the-companys-efforts-to-be-a-force-for-growth-and-prosperity-300661382.html
SOURCE DTE Energy
DETROIT, May 31, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) named Valerie M. Williams, CPA, to its Board of Directors, effective immediately.
Williams served as the Assurance Services Managing Partner for Ernst & Young LLP's Southwest Region until 2016. In this role, she had responsibility for a $500 million audit practice encompassing nine states, 14 offices and 1,200 employees.
Williams has more than 35 years of audit and public accounting experience, serving numerous global and multi-location companies, primarily in the energy and technology sectors. She has held several senior leadership positions at Ernst & Young, including serving as a national office partner in Ernst & Young LLP's Professional Practice Group located in Houston, where she was responsible for technical consultation, assistance and guidance on complex accounting and reporting issues.
"Valerie brings decades of experience serving as a trusted audit and public accounting advisor to organizations across the globe," said Gerry Anderson, chairman and CEO of DTE Energy. "We're pleased she has agreed to join our Board of Directors, as her diverse knowledge and understanding of issues impacting our industry will add great value to our company."
Williams' long list of accomplishments and credentials include:
Williams earned her bachelor's degree from the University of North Texas and a master's degree in Business Administration from the University of Houston.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content:http://www.prnewswire.com/news-releases/dte-energy-names-valerie-m-williams-cpa-to-board-of-directors-300657756.html
SOURCE DTE Energy
DETROIT, May 7, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced it has entered into an agreement with The Roxbury Group, a Detroit-based real estate development company, to develop an 11-acre mixed use and public space project on the former Michigan Consolidated Gas Company industrial site bordering the Huron River in Ann Arbor, Mich. Located at Broadway Street at the Huron River, the project could bring up to $75 million or more of attractive, community-benefitting investment to this currently vacant site.
"Broadway Park," as the development is expected to be called, will draw on the historic heritage of the site and unlock substantial public access to a section of Ann Arbor's southern riverfront. More than 80 percent of the site – approximately nine acres – will be developed into open space and green infrastructure, with about 1,200 feet of restored Huron River shoreline. The development also is expected to include an 8,000-square-foot year-round event pavilion, up to 100 residential condominiums, a boutique select hotel and up to 20,000 square feet of retail space, including space for an attractive, high-quality restaurant facing the Huron River.
"Our development agreement with Roxbury Group is the result of DTE Energy's commitment to developing this site in a way that highlights the natural beauty of the riverfront while preserving much of the land for the public's enjoyment," said Gerry Anderson, DTE Energy chairman and chief executive officer. "Broadway Park is designed to be an iconic development and public space that further solidifies Ann Arbor's reputation as one of the state's premier communities."
"We are thrilled to be working with DTE Energy to unlock the incredible potential of this unique site," said David Di Rita, principal of The Roxbury Group. "Given our group's strong ties to Ann Arbor, we understand how impactful this project will be to the community, and we are pleased and honored to have assembled such an impressive team to bring Broadway Park to fruition."
DTE and the Roxbury Group have been collaborating on the design of the project, with a shared focus on the creation of a world-class public space as the centerpiece of the project. They have assembled a team of local and national professionals to assist in the design of the project, including SmithGroup/JJR of Ann Arbor, Detroit-based Hamilton Anderson Associates Architects, and SME Consultants of Plymouth, Michigan. Also retained is the New York-based Project for Public Spaces (PPS) to assist in developing the programming and design of the public space in Broadway Park. PPS will be conducting a series of stakeholder outreach sessions to gather community input during the design and development process for the public space. Following this public engagement, Roxbury Group will seek to obtain necessary entitlements and permits for the project by the end of 2018, with construction to commence immediately thereafter.
"We are excited that, in addition to the residential and commercial development, Broadway Park will provide residents with an activated public space connecting to the surrounding parks and trails along the Huron River. We believe the Broadway Park public space will be a significant benefit to Ann Arbor, as it will be located facing the Huron River, across from the Argo Cascade white water feature," said Howard Lazarus, Ann Arbor City Administrator.
For more than a century, the site was used as a Michigan Consolidated Gas Company service center and, earlier, a coal-gasification facility. DTE Energy acquired the facility through its merger with MCN Energy and MichCon in 2001. DTE Energy closed and later demolished the remaining buildings in 2009. Since that time, the company has dedicated substantial resources to environmental remediation on the site and to reclaiming the shoreline.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
About The Roxbury Group
The Roxbury Group is Detroit-based real estate development and investment firm founded in 2005. The firm specializes in complex real estate and economic development projects. The company was founded by University of Michigan graduates Stacy L. Fox and David Di Rita. Since its founding, the Roxbury Group has developed projects for its own account and others totaling over $125 million in total project value with $75 million of projects in the pipeline. In 2014 they re-opened the historic David Whitney Building in downtown's Grand Circus Park, following a $94 million redevelopment into an Aloft hotel and 105 apartments with first floor restaurants and retail, and completed the award-winning Outdoor Adventure Center on Detroit's riverfront in partnership with the Michigan Department of Natural Resources. Most recently, they opened The Griswold, a $24 million, 80-unit apartment building that will rise five stories atop a 10-story parking and retail building in Detroit's Capitol Park, and the Plaza, a 74-unit apartment conversion of an historic former office building in Detroit's midtown district, and are nearing completion of the redevelopment of Detroit's long-dormant Metropolitan Building, which when completed will house an Element Hotel by Westin as well as first floor retail.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-announces-agreement-with-roxbury-group-to-develop-former-ann-arbor-michcon-site-into-world-class-mixed-use-project-and-public-space-300643641.html
SOURCE DTE Energy
DETROIT, May 3, 2018 /PRNewswire/ -- (NYSE: DTE) -- The DTE Energy Board of Directors declared a $0.8825 per share dividend on its common stock payable July 15, 2018 to shareholders of record at the close of business June 18, 2018. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
DTE Electric also priced its inaugural offering of green bonds Tuesday. The $525 million in bonds will finance "green" investments, including low-carbon projects like renewable energy and energy efficiency. DTE is the fifth investment-grade energy company in the nation – and the first company in Michigan – to sell green bonds. Read the full news release at dteenergy.com/newsroom.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-issues-second-quarter-dividend-offers-investors-green-bond-opportunity-300641987.html
SOURCE DTE Energy
DETROIT, May 1, 2018 /PRNewswire/ -- DTE Electric priced its inaugural offering of green bonds yesterday. The $525 million in bonds will finance "green" investments, including low-carbon projects like renewable energy and energy efficiency. DTE is the fifth investment-grade energy company in the nation – and the first company in Michigan – to sell green bonds.
"Green bonds will help finance our low-carbon investments, which will enable us to continue moving Michigan toward a cleaner, more sustainable energy future," said Gerry Anderson, chairman and CEO of DTE Energy. "This is a tangible way for investors to demonstrate their commitment to the environment, and is one of many steps in our aggressive plan to reduce carbon emissions by more than 80 percent by 2050. We're proud to be among the first energy companies to offer this green investment option."
With a maturity of 30 years at an annual fixed coupon of 4.05 percent, a DTE Electric green bond helps:
"A fundamental transformation in the way we produce power in Michigan has already begun," Anderson added. "As DTE moves toward cleaner energy sources, we are focused on maintaining reliability and keeping energy affordable for our customers."
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Company has filed a registration statement (including a prospectus) with the SEC with respect to the securities and the offering referred to in this communication. The offering of such securities may be made only by means of a prospectus supplement and accompanying prospectus. You may get these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, you may obtain a copy of the prospectus and the prospectus supplement by calling Barclays Capital Inc. toll-free at 1-888-603-5847, BNP Paribas Securities Corp. toll-free at 1-800-854-5674, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322 or TD Securities (USA) LLC toll-free at 1-855-495-9846.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-electric-among-first-energy-companies-in-nation-to-sell-green-bonds-300639561.html
SOURCE DTE Energy
DETROIT, April 25, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported first quarter 2018 earnings of $361 million, or $2.00 per diluted share, compared with $400 million, or $2.23 per diluted share in 2017. Reported first quarter earnings were primarily driven by DTE Energy's utilities.
Operating earnings for the first quarter 2018 were $342 million, or $1.91 per diluted share, compared with 2017 operating earnings of $322 million, or $1.79 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"We are off to a strong start in 2018," said Gerry Anderson, DTE Energy chairman and CEO. "In addition to a good start on the financial front, I am proud of our commitment to environmental sustainability and our focus on employee engagement and safety. In the first quarter of 2018, we earned national recognition for doing what is right for our employees, customers and the environment."
Anderson noted the following accomplishments:
Outlook for 2018
DTE Energy reaffirms 2018 operating EPS guidance of $5.57 - $5.99.
"We delivered strong first quarter financial results in both utility and non-utility businesses," said Peter Oleksiak, DTE Energy senior vice president and CFO. "We feel confident that we will achieve our financial targets in 2018 while making significant strides in our infrastructure investment plan."
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, May 9. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 9327084.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2018 operating earnings guidance. It is likely that certain items that impact the company's 2018 reported results will be excluded from operating results. Reconciliations to the comparable 2018 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; the cost of protecting assets against, or damage due to, cyber crime and terrorism; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power or reduce power consumption; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2017 Form 10-K and 2018 Form 10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2018 |
2017 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
140 |
$ |
8 |
A |
$ |
142 |
$ |
106 |
$ |
— |
$ |
106 | ||||||||||||
1 |
B |
||||||||||||||||||||||||
(7) |
C |
||||||||||||||||||||||||
DTE Gas |
104 |
8 |
A |
111 |
107 |
— |
107 | ||||||||||||||||||
1 |
B |
||||||||||||||||||||||||
(2) |
C |
||||||||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
62 |
— |
62 |
45 |
— |
45 | |||||||||||||||||||
Power and Industrial Projects |
45 |
(3) |
C |
42 |
30 |
— |
30 | ||||||||||||||||||
Energy Trading |
31 |
(30) |
D |
1 |
96 |
(78) |
D |
18 | |||||||||||||||||
Total Non-utility operations |
138 |
(33) |
105 |
171 |
(78) |
93 | |||||||||||||||||||
Corporate and Other |
(21) |
5 |
A |
(16) |
16 |
— |
16 | ||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
361 |
$ |
(19) |
$ |
342 |
$ |
400 |
$ |
(78) |
$ |
322 | |||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) True-up of remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense | |||||||||||||||||||||||||
B) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance (net of tax of $1M and $0M for DTE Electric and DTE Gas, respectively) | |||||||||||||||||||||||||
C) One-time benefits expense reimbursement — recorded in Operating Expenses — Operation and maintenance (net of tax of $(2M), $(1M), and $(1M) for DTE Electric, DTE Gas, and Power and Industrial Projects, respectively) | |||||||||||||||||||||||||
D) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $(10M) in 2018 and $50M in 2017) |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2018 |
2017 | ||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported |
Adjustments(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
0.78 |
$ |
0.04 |
A |
$ |
0.79 |
$ |
0.59 |
$ |
— |
$ |
0.59 | ||||||||||||
0.01 |
B |
||||||||||||||||||||||||
(0.04) |
C |
||||||||||||||||||||||||
DTE Gas |
0.58 |
0.04 |
A |
0.62 |
0.60 |
— |
0.60 | ||||||||||||||||||
0.01 |
B |
||||||||||||||||||||||||
(0.01) |
C |
||||||||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.34 |
— |
0.34 |
0.25 |
— |
0.25 | |||||||||||||||||||
Power and Industrial Projects |
0.25 |
(0.02) |
C |
0.23 |
0.17 |
— |
0.17 | ||||||||||||||||||
Energy Trading |
0.17 |
(0.17) |
D |
— |
0.53 |
(0.44) |
D |
0.09 | |||||||||||||||||
Total Non-utility operations |
0.76 |
(0.19) |
0.57 |
0.95 |
(0.44) |
0.51 | |||||||||||||||||||
Corporate and Other |
(0.12) |
0.05 |
A |
(0.07) |
0.09 |
— |
0.09 | ||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
2.00 |
$ |
(0.09) |
$ |
1.91 |
$ |
2.23 |
$ |
(0.44) |
$ |
1.79 | |||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||
Adjustments key — see previous page |
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-strong-first-quarter-2018-results-300635658.html
SOURCE DTE Energy
DETROIT, April 11, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its first quarter 2018 earnings before the market opens Wednesday, April 25, 2018.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-first-quarter-2018-earnings-release-conference-call-300627706.html
SOURCE DTE Energy
DETROIT, March 30, 2018 /PRNewswire/ -- DTE Energy has submitted its 2018 Renewable Energy Plan to the Michigan Public Service Commission (MPSC) proposing approximately 1,000 additional megawatts of carbon-free electricity from new wind and solar projects in Michigan scheduled to be completed by 2022. If approved, these new renewable energy projects would drive investment of more than $1.7 billion in Michigan and double DTE's renewable energy capacity from 1,000 megawatts to 2,000 megawatts – enough clean energy to power over 800,000 homes.
The filing outlines DTE's approach to Michigan's 15 percent Renewable Portfolio Standard (RPS) as well as its intent to offer a new voluntary renewable energy program specifically designed for large business customers seeking to reduce carbon emissions. This program will provide additional renewable resources beyond those proposed to meet the 15 percent RPS requirement and differs from DTE's MIGreenPower voluntary program. The plan also includes the launch of a pilot program for battery storage technology aimed at improving the reliability of energy provided from wind and solar power.
"The plan we have filed takes another significant next step toward our goal of cutting carbon emissions by more than 80 percent by 2050 while continuing to deliver reliable and affordable power for our 2.2 million customers," DTE Energy Chairman and CEO Gerry Anderson said. "Due to our substantial investments and use of renewable energy, DTE has already reduced its carbon emissions by nearly 25 percent by driving investments of approximately $2.5 billion over the last 10 years in Michigan's renewable energy sector and adding 1,000 megawatts of wind and solar capacity – enough clean energy to power more than 450,000 homes."
Highlights of DTE's 2018 Renewable Energy Plan include:
"Beyond this plan, DTE will continue to add additional renewable energy resources," Anderson said. "Reducing our company's carbon emissions and developing cleaner sources of energy is a key priority for us. This work will also bring positive economic impacts such as job creation and local community revenue."
DTE studied the engineering and the economics of Michigan's energy future for two years before announcing last year its initiative to reduce carbon emissions by more than 80 percent by 2050 – a timeframe that aligns with what scientists broadly have identified as necessary to help address climate change.
"We've concluded not only that the 80 percent reduction goal is achievable, it is achievable in a way that ensures Michigan's power is safe, secure, affordable, reliable – and sustainable," Anderson said. "There doesn't have to be a choice between a healthy environment and a healthy economy, although the debate often gets framed that way. We can have both, if we invest in a smart way."
By continuing to incorporate substantially more renewable energy, transitioning its 24/7 power sources from coal to natural gas, operating its zero-emission Fermi 2 power plant, and improving options for customers to save energy and reduce bills, DTE plans to reduce carbon emissions by 45 percent by 2030, and 75 percent by 2040 on the way to its ultimate goal in 2050. These plans define a long-term shift by DTE to produce over three-quarters of its power from renewable energy and highly efficient natural gas-fired power plants.
DTE's 2018 Renewable Energy Plan significantly contributes to the company's efforts to implement Michigan's energy transition. In December 2016, bi-partisan energy legislation was passed to address the state's transition of energy generation sources and ensure reliable, safe and cleaner electricity for the state.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-to-double-renewable-energy-capacity-by-early-2020s-300622080.html
SOURCE DTE Energy
DETROIT, March 7, 2018 /PRNewswire/ -- DTE Energy is turning Little Caesars Arena (LCA) "green" by providing renewable energy for the Detroit Red Wings' five home games played in March, reducing LCA's carbon footprint for NHL "Green Month."
Designating March as "Green Month" is part of NHL Green, a league-wide initiative to address major environmental challenges - like climate change – and to encourage stadiums, hockey teams and fans to reduce waste, recycle and live more sustainably. The Red Wings have also designated the March 8th game versus the Vegas Golden Knights as "Green Night" when DTE will serve as the evening's presenting sponsor through its MIGreenPower voluntary renewable energy program.
"The Red Wings, like many of our customers, are looking for ways to minimize their environmental impact," said Irene Dimitry, vice president of Business Planning and Development. "As a company, we know we can play an active, critical role in reducing impacts to our environment – especially climate change. We've started work on our own long-term plan to reduce carbon emissions by more than 80 percent by 2050, and renewable, cleaner energy plays a significant role in meeting this goal."
Before LCA opened, DTE built a new substation, along with a customized underground electrical system, to power the multi-use facility and its high-tech entertainment features. The arena's state-of-the-art electrical system allows arena staff to monitor the venue's energy load and reroute power as needed. Among its many energy saving features, the arena has more than 16.5 million LED lights.
DTE launched MIGreenPower in April 2017 to provide customers with an easy and affordable way to support more renewable energy. Customers who join MIGreenPower can reduce their electricity-based carbon footprint and attribute up to 100 percent of their energy use to DTE's newest renewable energy projects in Michigan, including the Pinnebog Wind Park, located in Huron County, and three solar arrays located in Detroit and Lapeer. The program is open to all DTE full service business and residential electric customers.
The first 5,000 fans entering the arena on March 8th will receive a Red Wings/MIGreenPower t-shirt. Fans who are DTE customers will have an opportunity to sign up for the MIGreenPower program by visiting the DTE Energy information booth located at Little Caesars Arena in the Via area of the concourse that evening as well as home games on Tuesday, March 20th, Thursday, March 22nd and Saturday, March 31st.
As part of DTE's carbon reduction initiative, the company plans to add 4,000 megawatts of renewable energy to its power capacity, including the Pine River wind park. Located in mid-Michigan, Pine River will be DTE's largest and most cost-effective wind project to date and the company's first since the passage of Michigan's new energy legislation requiring energy providers to achieve a renewable portfolio standard of 12.5 percent by 2019 and 15 percent by 2021. DTE has plans to increase its wind generation capacity by adding another project in early 2020 and is well-positioned to exceed the state's 2021 target while maintaining reliability and affordability for its 2.2 million electric customers.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-powers-little-caesars-arena-with-renewable-energy-during-nhls-green-month-300609590.html
SOURCE DTE Energy
DETROIT, March 1, 2018 /PRNewswire/ -- DTE Energy Chairman and CEO Gerry Anderson has been selected as the recipient of the Individual Climate Leadership award by the Center for Climate and Energy Solutions (C2ES) and The Climate Registry for driving DTE Energy's goal to reduce carbon emissions by more than 80 percent by 2050.
Presented at the eighth annual Climate Leadership Conference in Denver, Anderson is among the first energy company CEOs to win the prestigious award, which honors exemplary corporate, organizational, and individual leadership in reducing carbon emissions and addressing climate change.
"Gerry Anderson is extremely deserving of the Climate Leadership Award," said Chris Kolb, president, Michigan Environmental Council. "His recognition that climate change is one of the defining public policy issues of our era and the defining issue within the energy industry is critical to the future health of the state of Michigan. He recognized the need for DTE Energy to take the lead in moving Michigan and the country forward to cleaner sources of energy that still provide reliable and affordable power for customers."
DTE Energy is Michigan's largest investor in renewable energy, having driven investments of $2 billion in wind farms and solar arrays since 2008, providing enough clean energy to power 450,000 homes. These investments helped DTE cut carbon emissions by nearly 25 percent in 2017 since 2005.
By continuing to incorporate substantially more renewable energy, transitioning its 24/7 power sources from coal to natural gas, continuing to operate its zero-emission Fermi 2 power plant, and improving options for customers to save energy and reduce bills, DTE plans to reduce carbon emissions by 45 percent by 2030, 75 percent by 2040 and more than 80 percent by 2050. These plans define a long-term shift by DTE to produce over three-quarters of its power from renewable energy and highly efficient natural gas-fired power plants.
"Fundamentally addressing climate change is among our greatest responsibilities," Anderson said. "Reducing our company's carbon footprint and developing cleaner sources of energy is a key priority for us. Over time, I suspect this work will also bring great opportunity – for example, when we invest to enable electric vehicles to drive similar transformation in the transportation sector."
DTE studied the engineering and the economics of Michigan's energy future for two years before announcing its 2050 carbon reduction goals – a timeframe that aligns with the target scientists broadly have identified as necessary to help address climate change.
"We've concluded not only that the 80 percent reduction goal is achievable, it is achievable in a way that ensures Michigan's power is safe, secure, affordable, reliable – and sustainable," Anderson said. "There doesn't have to be a choice between a healthy environment and a healthy economy, although the debate often gets framed that way. We can have both, if we invest in a smart way."
DTE's plans include:
The annual Climate Leadership Conference is dedicated to professionals addressing global climate change through policy, innovation, and business solutions. The conference gathers forward-thinking leaders from business, government, academia, and the non-profit community, to explore energy and climate related solutions, introduce new opportunities, and provide support to leaders taking action on climate change. The Climate Leadership Conference is hosted by the Center for Climate and Energy Solutions and The Climate Registry.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-ceo-gerry-anderson-receives-prestigious-climate-leadership-award-300606861.html
SOURCE DTE Energy
DETROIT, March 1, 2018 /PRNewswire/ -- DTE customers can expect to see natural gas prices drop in March and again in April – nearly a 20 percent drop over the March 2017 price. The two-month decrease will mark the fourth price drop for natural gas in the last thirteen months.
While some parts of the Northeast saw the price of natural gas skyrocket at the height of this winter's coldest weeks, DTE customers benefitted from a drop in the price of natural gas over the same period. The trend will continue with additional drops in what is known as the "Gas Cost Recovery" (GCR) rate in March and again in April.
"Though many Michigan residents saw their heating bills rise during bitter cold periods, compared to last year's mild winter weather, falling natural gas prices helped offset the hit to DTE customers' bills," said Dan Brudzynski, vice president of DTE Gas sales and supply. "By April, rates will be approaching 20 percent below the cost of gas in March last year."
The GCR rate is a portion of the total bill customers pay. DTE "passes through" the actual cost for natural gas without a mark-up, meaning the price DTE pays is what customers pay. DTE expects April prices, measured in dollars per ccf (100 cubic feet), to be set at $0.286. The GCR rate will cause the average total bill to drop about 3 percent for 2018, compared the 2017 average. With DTE's 2018 forecast, customers will have seen their average gas bills drop 30 percent over the last 10 years.
DTE pulls from different services across the United States and Canada and buys and stores vast quantities of low-priced gas in the summer months. This allows DTE to manage the need for purchasing gas during the winter and offer a more stable price for natural gas, even at high-use times.
Customers can find more information on how to save energy by going to www.dteenergy.com/saveenergy . Customers can learn more about rates here. Michigan residents also have a choice of their gas supplier and can review current GCR rates on the Michigan Public Service Commission's website .
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. DTE is ranked "Highest in Customer Satisfaction with Business Natural Gas and Electric Services in the Midwest." Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/natural-gas-prices-continue-to-fall-for-dte-gas-customers-300606512.html
SOURCE DTE Energy
DETROIT, Feb. 16, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported 2017 earnings of $1.1 billion, or $6.32 per diluted share, compared with $868 million, or $4.83 per diluted share in 2016. Reported 2017 earnings were higher primarily driven by results in the non-utility businesses.
2017 operating earnings were $1.0 billion or $5.59 per diluted share, compared with 2016 operating earnings of $948 million, or $5.28 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"2017 was a very good year for DTE," said Gerry Anderson, DTE Energy chairman and CEO. "Our financial performance was strong, but I am even prouder of some of the things we accomplished this past year that were important to our customers, our communities and our employees."
Anderson noted the following accomplishments:
"We continue to invest in smarter energy infrastructure aimed at improving reliability and sustainability," Anderson added. "We are in the midst of a fundamental transformation in the way we produce energy; that transition will be great for the environment, and we are going to keep our product affordable in the process."
DTE finishes 2017 strong and raises EPS guidance for 2018
DTE Energy raises 2018 operating EPS guidance from $5.48 - $5.88 to $5.57 - $5.99 as a result of the impacts of the passage of the Federal Tax Cuts and Jobs Act.
"DTE delivered strong 2017 financial results at both regulated and non-regulated businesses while continuing significant investment in reliability and infrastructure and we are in a great position to achieve our financial goals in 2018," said Peter Oleksiak, DTE Energy senior vice president and CFO.
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Friday, Mar. 2. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 9327084.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2018 operating earnings guidance. It is likely that certain items that impact the company's 2018 reported results will be excluded from operating results. Reconciliations to the comparable 2018 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; the cost of protecting assets against, or damage due to, cyber crime and terrorism; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power or reduce power consumption; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2017 Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income | |||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
143 |
$ |
3 |
A |
$ |
141 |
$ |
75 |
$ |
— |
$ |
75 |
||||||||||||
(5) |
B |
||||||||||||||||||||||||
DTE Gas |
53 |
1 |
A |
54 |
42 |
— |
42 |
||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
154 |
(115) |
B |
39 |
26 |
8 |
E |
34 |
|||||||||||||||||
Power and Industrial Projects |
34 |
7 |
C |
20 |
29 |
(7) |
F |
22 |
|||||||||||||||||
(21) |
B |
||||||||||||||||||||||||
Energy Trading |
(25) |
31 |
D |
8 |
(11) |
10 |
D |
(1) |
|||||||||||||||||
2 |
B |
||||||||||||||||||||||||
Total Non-utility operations |
163 |
(96) |
67 |
44 |
11 |
55 |
|||||||||||||||||||
Corporate and Other |
(72) |
34 |
B |
(38) |
(30) |
2 |
E |
(28) |
|||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
287 |
$ |
(63) |
$ |
224 |
$ |
131 |
$ |
13 |
$ |
144 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) |
Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance (net of tax of $2M and $1M for DTE Electric and DTE Gas in 2017, respectively) | ||||||||||||||||||||||||
B) |
Remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense (Benefit) | ||||||||||||||||||||||||
C) |
Impairment of assets at a reduced emission fuel facility due to a third party plant closure expected to occur in the second quarter of 2018 — recorded in Operating Expenses — Asset (gains) losses and impairments, net (net of tax of $5M) | ||||||||||||||||||||||||
D) |
Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $20M in 2017 and $7M in 2016) | ||||||||||||||||||||||||
E) |
Transaction-related costs resulting from the acquisition of AGS & SGG (net of tax of $6M) | ||||||||||||||||||||||||
F) |
Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments, net (net of tax of $10M) |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share | |||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported |
Adjustments(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
0.80 |
$ |
0.02 |
A |
$ |
0.79 |
$ |
0.42 |
$ |
— |
$ |
0.42 |
||||||||||||
(0.03) |
B |
||||||||||||||||||||||||
DTE Gas |
0.30 |
0.01 |
A |
0.31 |
0.23 |
— |
0.23 |
||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.86 |
(0.64) |
B |
0.22 |
0.14 |
0.05 |
E |
0.19 |
|||||||||||||||||
Power and Industrial Projects |
0.19 |
0.04 |
C |
0.11 |
0.16 |
(0.04) |
F |
0.12 |
|||||||||||||||||
(0.12) |
B |
||||||||||||||||||||||||
Energy Trading |
(0.14) |
0.17 |
D |
0.04 |
(0.06) |
0.06 |
D |
— |
|||||||||||||||||
0.01 |
B |
||||||||||||||||||||||||
Total Non-utility operations |
0.91 |
(0.54) |
0.37 |
0.24 |
0.07 |
0.31 |
|||||||||||||||||||
Corporate and Other |
(0.41) |
0.20 |
B |
(0.21) |
(0.16) |
0.01 |
E |
(0.15) |
|||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.60 |
$ |
(0.34) |
$ |
1.26 |
$ |
0.73 |
$ |
0.08 |
$ |
0.81 |
|||||||||||||
(1) |
Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding of 179 million shares. | ||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income | |||||||||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
606 |
$ |
10 |
A |
$ |
617 |
$ |
622 |
$ |
— |
$ |
622 |
||||||||||||
6 |
B |
||||||||||||||||||||||||
(5) |
C |
||||||||||||||||||||||||
DTE Gas |
146 |
3 |
B |
149 |
138 |
— |
138 |
||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
275 |
(115) |
C |
160 |
119 |
8 |
F |
127 |
|||||||||||||||||
Power and Industrial Projects |
138 |
7 |
D |
124 |
95 |
— |
95 |
||||||||||||||||||
(21) |
C |
||||||||||||||||||||||||
Energy Trading |
72 |
2 |
C |
20 |
(45) |
70 |
E |
25 |
|||||||||||||||||
(54) |
E |
||||||||||||||||||||||||
Total Non-utility operations |
485 |
(181) |
304 |
169 |
78 |
247 |
|||||||||||||||||||
Corporate and Other |
(103) |
34 |
C |
(69) |
(61) |
2 |
F |
(59) |
|||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1,134 |
$ |
(133) |
$ |
1,001 |
$ |
868 |
$ |
80 |
$ |
948 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) |
MPSC disallowance of power supply recovery costs related to a customer settlement — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions — Interest expense (net of tax of $6M) | ||||||||||||||||||||||||
B) |
Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance (net of tax of $4M and $2M for DTE Electric and DTE Gas in 2017, respectively) | ||||||||||||||||||||||||
C) |
Remeasurement of deferred taxes as a result of the enactment of the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax Expense (Benefit) | ||||||||||||||||||||||||
D) |
Impairment of assets at a reduced emission fuel facility due to a third party plant closure expected to occur in the second quarter of 2018 — recorded in Operating Expenses — Asset (gains) losses and impairments, net (net of tax of $5M) | ||||||||||||||||||||||||
E) |
Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $(34M) in 2017 and $(45M) in 2016) | ||||||||||||||||||||||||
F) |
Transaction-related costs resulting from the acquisition of AGS & SGG (net of tax of $7M) |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share | |||||||||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported |
Adjustments(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
3.38 |
$ |
0.06 |
A |
$ |
3.44 |
$ |
3.47 |
$ |
— |
$ |
3.47 |
||||||||||||
0.03 |
B |
||||||||||||||||||||||||
(0.03) |
C |
||||||||||||||||||||||||
DTE Gas |
0.81 |
0.02 |
B |
0.83 |
0.77 |
— |
0.77 |
||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
1.53 |
(0.64) |
C |
0.89 |
0.66 |
0.05 |
F |
0.71 |
|||||||||||||||||
Power and Industrial Projects |
0.77 |
0.04 |
D |
0.69 |
0.53 |
— |
0.53 |
||||||||||||||||||
(0.12) |
C |
||||||||||||||||||||||||
Energy Trading |
0.40 |
0.01 |
C |
0.11 |
(0.25) |
0.39 |
E |
0.14 |
|||||||||||||||||
(0.30) |
E |
||||||||||||||||||||||||
Total Non-utility operations |
2.70 |
(1.01) |
1.69 |
0.94 |
0.44 |
1.38 |
|||||||||||||||||||
Corporate and Other |
(0.57) |
0.20 |
C |
(0.37) |
(0.35) |
0.01 |
F |
(0.34) |
|||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
6.32 |
$ |
(0.73) |
$ |
5.59 |
$ |
4.83 |
$ |
0.45 |
$ |
5.28 |
|||||||||||||
(1) |
Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding of 179 million shares. | ||||||||||||||||||||||||
Adjustments key — see previous page |
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-solid-2017-financial-results-positive-impact-of-tax-reform-provides-significant-benefit-to-customers-and-improves-2018-guidance-300599902.html
SOURCE DTE Energy
DETROIT, Feb. 13, 2018 /PRNewswire/ -- (NYSE: DTE) – DTE Energy today announced it spent nearly $1.7 billion with Michigan businesses in 2017, and created or sustained 5,100 jobs across the state. The company exceeded its goal by more than $300,000. In the past eight years, DTE has spent more than $7.5 billion with local suppliers of goods and services, creating 16,000 jobs.
"In 2010, our chairman and CEO Gerry Anderson challenged DTE's leadership team to re-think the way we did business, and asked us to do more to support the state," said DTE Energy Chief Procurement Officer Anthony Tomczak. "We looked at how Michigan-based businesses could help us achieve our goals. We changed the way we purchased goods and services and significantly impacted the state we work and live in, too. We're proud of the difference we've made in the communities we serve."
Below are highlights of DTE's partnership with Michigan-based vendors, including dollars spent, number of businesses and jobs created or retained:
DTE Energy is a founding member of Pure Michigan Business Connect, a public-private initiative that encourages companies to buy from Michigan vendors, and "connects" local companies on a variety of business opportunities.
Today, more than 70 percent of the funds that DTE spends with suppliers go to Michigan businesses, which demonstrates the competitiveness of Michigan's economy. The company also invested $510 million with Detroit-based businesses last year and, in 2018, will look to create or sustain 1,500 jobs through Detroit procurement.
For W-3 Construction, a Detroit construction services company, DTE Energy's focus on Michigan businesses translates into increased revenue and additional jobs. W-3 helps DTE build new substations to provide more reliable electric power for customers. DTE spent more than $1 million with W-3 in 2017, a 72 percent increase over 2016.
"We've been in Detroit for more than 30 years and established a track record of delivering high-quality, cost-competitive services to DTE," said Linda Turner, client relations manager for W-3. "The increased business from DTE has fueled our growth, allowing us to bring on additional full-time Michigan workers and hire more local skilled laborers for projects."
W-3 is among a growing number of veteran and minority-owned firms helping DTE to develop a more inclusive supplier base. Last year, DTE spent $441 million with diverse vendors and captured six industry-wide awards for its supplier diversity commitment.
DTE also encourages suppliers, like W-3, to buy and hire locally, and it provides networking opportunities so that vendors can develop business relationships with other Michigan companies.
"We host yearly seminars to teach business owners how to connect with our supply chain. We invite our largest suppliers to those seminars so that locally-owned small businesses can connect with them. Today, many of our suppliers are doing business with one another," Tomczak added.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-spends-nearly-17-billion-with-michigan-based-companies-in-2017-adding-more-than-5100-jobs-statewide-300597913.html
SOURCE DTE Energy
DETROIT, Feb. 2, 2018 /PRNewswire/ -- (NYSE: DTE) -- The DTE Energy Board of Directors declared a $0.8825 per share dividend on its common stock payable April 15, 2018 to shareholders of record at the close of business March 19, 2018. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content:http://www.prnewswire.com/news-releases/dte-energy-issues-dividend-300592836.html
SOURCE DTE Energy
DETROIT, Feb. 2, 2018 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its full year 2017 earnings before the market opens Friday, Feb. 16, 2018.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-full-year-2017-earnings-release-conference-call-300592452.html
SOURCE DTE Energy
DETROIT, Jan. 17, 2018 /PRNewswire/ -- DTE Energy is ranked "Highest in Customer Satisfaction with Business Gas Service in the Midwest," according to J.D. Power's 2017 Gas Utility Business Customer Satisfaction StudySM released today. DTE Gas thanked customers for recognizing its commitment to providing safe and reliable service while also offering products and programs that help businesses save money and operate more efficiently.
The award is DTE's second for business customer satisfaction for 2017, as J.D. Power also recognized DTE as highest in customer satisfaction with business electric service in the Midwest last month. This marks the first time in company history that DTE has ranked highest overall with both electric and gas customers.
"We made significant efforts to provide best-in-class service to our customers in 2017, and these awards recognize our hard work," said Jerry Norcia, DTE president and chief operating officer. "From the economic development work we did across the state, to infrastructure investments for gas and electric reliability and a drop in the price of gas, these actions and many more, go a long way toward keeping our customers satisfied at the more than 228,000 business locations we serve."
The study measures business customer satisfaction with gas utility companies by examining six factors: customer service; safety and reliability; corporate citizenship; billing and payment; price; and communications.
DTE has enhanced its focus on business customers in several ways. The company maintains a business center for small- to medium-sized commercial customers with a dedicated phone number that connects callers directly with DTE representatives who are knowledgeable about the company's business-focused services and offerings. Plus, anytime day or night, business customers can manage their accounts online with DTE's enhanced business web experience. In 2017, the company also conducted about 1,900 Business Energy Consultations to help business customers save money and energy.
DTE is investing in and accelerating a gas main renewal program that is replacing older steel lines with state-of-the-art flexible polyethylene lines that resist corrosion and reduce the potential for leaks. These investments translate to new jobs and contracts with local firms and suppliers. This year alone, DTE spent about $1.4 billion with Michigan-based businesses.
DTE employees also are making a significant impact in the communities where they live and serve. Over the course of the year, they volunteered more than 40,000 hours at 200 area nonprofit organizations.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-earns-another-jd-power-customer-satisfaction-award--this-time-by-its-gas-business-customers-300583948.html
SOURCE DTE Energy
SCOTTSDALE, Ariz., Jan. 11, 2018 /PRNewswire/ -- The Edison Electric Institute (EEI) presented DTE Energy with the association's "Emergency Recovery Award" on Wednesday for its outstanding power restoration efforts after tropical storm-force winds hit Southeast Michigan in March 2017.
The award is presented to recognize energy companies' extraordinary efforts to restore power to customers after service disruptions caused by severe weather conditions or other natural events. The winners were chosen by a panel of judges following an international nomination process, and the awards were presented during EEI's Winter Board and Chief Executives Meeting in Scottsdale.
On March 8, 2017, Southeast Michigan experienced six hours of wind gusts greater than 60 mph, resulting in extensive damage to the region's energy system. The storm, which was the largest weather event in DTE's history, impacted nearly 800,000 customers. Crews from DTE Energy restored service to more than 90 percent of customers in four days, dedicating 660,000 man-hours to restoration efforts. Energy companies from seven other states sent crews to Michigan to help with the efforts as well.
"The tireless work by DTE Energy crews during the severe windstorm in March exemplifies our industry's commitment to customer service," said EEI President Tom Kuhn. "DTE Energy's crews worked diligently to safely restore service to customers, and are very deserving of this award."
"While we faced many obstacles during this catastrophic event, our employees made me extremely proud because they responded to the challenge with tireless energy," said Gerry Anderson, DTE Energy chairman and CEO. "We know the outages caused by the storm created hardship for many of our customers, and that is why our employees worked around the clock until the last customer was restored. Thank you to EEI for recognizing this historic effort."
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
About Edison Electric Institute
EEI is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for 220 million Americans, and operate in all 50 states and the District of Columbia. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 60 international electric companies as International Members, and hundreds of industry suppliers and related organizations as Associate Members.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-earns-emergency-recovery-award-for-efforts-to-restore-service-after-severe-storm-in-southeast-michigan-300581596.html
SOURCE DTE Energy
DETROIT, Dec. 22, 2017 /PRNewswire/ -- As another blast of frigid weather approaches Michigan, DTE Energy customers have peace of mind that the state's largest energy company continues to improve the safety and reliability of its natural gas delivery system, ensuring ample heat for homes and businesses this winter.
Over the last five years, DTE, Michigan's largest energy company, has upgraded more than 2,100 miles of gas lines - enough to stretch from Detroit to Sault Ste. Marie six times - and installed thousands of advanced meters through its Gas Renewal Program. This planned, deliberate work allows the company to improve infrastructure at a time when natural gas prices continue to fall, keeping overall energy costs affordable for customers. That's good news, heading into the cold winter months when temperatures drop and natural gas usage rises.
Mark Stiers, president and COO, DTE Gas, compares the work to the efforts of owning a vehicle.
"When you buy a car or truck, you maintain it to get the most of your investment. The same is true of our natural gas infrastructure that's served our customers very well," Stiers explained. "We diligently monitor and maintain our delivery system and make repairs when necessary. At some point, however, we need to replace sections of our system to ensure the reliable and cost effective delivery of energy to homes and businesses every day."
In 2017, DTE's gas utility increased the pace of equipment upgrades statewide by installing:
Through other system improvement programs this year, the company upgraded
Because of this work, today more than 1,100 potential customers now have access to natural gas from main pipeline extensions in areas near Big Rapids, Traverse City, Petoskey and Grand Rapids.
"These infrastructure investments not only keep natural gas delivery reliable, they are also beneficial to local economies," said Stiers. "Overall, the effort employs more than 300 people - either directly by DTE or though Michigan-based companies - and invests $60 million in contactors, engineers and restoration teams."
While DTE employees have conducted this work, they earned the American Gas Association's Safety Achievement Award for excellence in employee safety the past two years.
State of the art systems constantly monitor DTE Gas Infrastructure
Maintaining reliability and customer safety
From a modern control room, DTE gas controllers analyze a constant flow of data 24/7/365 from more than 4,500 points along the system. Changes in pressure and other information are transmitted from pipeline sensors to computers and telemetry equipment in the control room that display the information to the controllers.
Should the need arise, within minutes, controllers can close any of the more than 140 remote-control valves to shut the flow of gas at key locations in the pipeline system.
DTE also performs routine inspections inside major pipeline sections, using a self-contained electronic device. This device emits a strong magnetic field to detect anomalies inside the pipe and is pushed through the gas system while recording detailed data about the condition of the line. Above the system, aerial surveys are conducted twice a month of the company's 2,200 miles of transmission lines.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-upgrades-2000-miles-of-natural-gas-infrastructure-300574942.html
SOURCE DTE Energy
DETROIT, Dec. 20, 2017 /PRNewswire/ -- DTE Energy today announced it is donating $10 million to Michigan outreach agencies to help low-income residents across the state stay safe and warm during what is expected to be a more "typical" cold winter for Michigan. Frigid weather has already affected many customers, even before the official start of the season, and this donation will help provide energy assistance and drive enrollment of nearly 3,600 customers per year in DTE's Low-Income Self Sufficiency Plan (LSP) payment program for the next four years.
"Extreme cold and snow have already hit most of the state pretty hard, and we understand that this causes challenges and creates just one more burden for our customers to deal with," said Mark W. Stiers, president and chief operating officer of DTE Gas, DTE Energy. "We're committed to providing assistance to customers to help lighten the load, especially during the holidays. This $10 million donation will allow our agency partners to help many of our customers keep the heat and lights on during the upcoming holiday season and through the New Year."
The donations will be given to and administered by the Salvation Army, The Heat and Warmth Fund (THAW) and the United Way for Southeastern Michigan, and will provide relief to elderly, unemployed, underemployed and disabled DTE customers across Michigan who are struggling to pay their energy bills.
"The Salvation Army is excited to enhance our working relationship with DTE and are grateful for the opportunity to serve more low income households through the LSP program," said Darcy Cunningham, director, Energy Assistance Services, Salvation Army. "The LSP program is a great tool to help support stability for households that have trouble affording their energy bills."
"DTE's generous donation will help THAW stabilize and empower more Michigan residents and keep them healthy, safe and warm this winter," said Saunteel Jenkins, chief executive officer of The Heat and Warmth Fund. "This donation boosts our utility assistance, energy education, and case management services that provide the temporary support many families need for long-term stability."
"DTE and United Way have enjoyed a lengthy, powerful partnership that has kept the heat on for thousands of Southeastern Michigan families while empowering them to become self-sufficient," said Tanya Heidelberg Yopp, interim CEO, United Way for Southeastern Michigan. "Along with resources from 2-1-1, this gift will help even more families get on the road to self-sufficiency this winter."
DTE's Low Income Self-Sufficiency Plan program allows customers to make affordable monthly payments based on income and energy usage. More than 40,000 residents were enrolled in LSP during the 2016-2017 program year, and DTE anticipates potentially greater need this heating season. All three agencies will be conducting enrollment until Spring 2018 for eligible individuals seeking utility assistance for the 2017 – 2018 program year, which runs through October 2018. Visit dteenergy.com/lsp for additional program information and for information about the LSP enrollment process.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-helps-customers-in-need-as-a-frigid-winter-sets-in-across-the-state-with-10-million-donation-to-local-outreach-agencies-300574008.html
SOURCE DTE Energy
DETROIT, Dec. 13, 2017 /PRNewswire/ -- DTE Energy, Michigan's largest energy company, is ranked "Highest in Customer Satisfaction with Business Electric Service in the Midwest," according to J.D. Power's 2017 Electric Utility Business Customer Satisfaction StudySM released today. DTE thanked customers for recognizing its significant progress to deliver safer and more reliable service while providing products and programs that help businesses save money and operate more efficiently.
"On behalf of the 10,000 men and women of DTE Energy, we would like to thank our business customers for being valued partners in powering Michigan's future," said Trevor Lauer, president and chief operating officer of DTE Energy's electric company. "We are proud of the progress we have made to better serve our customers. However, we know our work is not done. We are committed to ongoing infrastructure upgrades and continued improvement in our products and services that meet the needs of our business customers while keeping energy prices affordable."
The study, now in its 19th year, measures business customer satisfaction with electric utility companies by examining six factors: customer service; power quality and reliability; corporate citizenship; billing and payment; pricing; and communication.
DTE has enhanced its focus on business customers in several ways. The company maintains a business center for small- to medium-sized commercial customers with a dedicated phone number that connects callers directly with DTE representatives who are knowledgeable about the company's business-focused services and offerings. Plus, anytime day or night, business customers can manage their accounts online with DTE's enhanced business web experience. In 2017, the company also conducted about 1,900 Business Energy Consultations to help business customers save money and energy.
Since 2014, DTE has improved power quality and reliability, and in areas where upgrades have been completed, power reliability has improved by 70 percent. These investments translate to new jobs and contracts with local firms and suppliers. This year alone, DTE spent about $1.4 billion with Michigan-based businesses.
DTE employees also are making a significant impact in the communities where they live and serve. Over the course of the year, they volunteered more than 40,000 hours at 200 area nonprofit organizations.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
About J.D. Power
J.D. Power is a marketing, consumer intelligence, and data and analytics company that helps its clients measure, understand, and improve the key performance metrics that drive their growth and profitability. J.D. Power's industry benchmarks, unique data and analytics platform and reputation for independence and credibility has established the company as one of the world's most well-known and trusted providers of Voice of the Customer insights. Established in 1968, J.D. Power is headquartered in Costa Mesa, California, and has offices in North/South America, Asia Pacific, and Europe. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-named-highest-in-customer-satisfaction-with-business-electric-service-in-the-midwest-300570917.html
SOURCE DTE Energy
DETROIT, Dec. 7, 2017 /PRNewswire/ -- The DTE Energy (NYSE: DTE) Board of Directors today announced that its 2018 Annual Meeting of Common Stock Shareholders will be Thursday, May 3.
Shareholders of record at the close of business March 6, 2018 are eligible to vote at the meeting. Shareholders interested in proposing business from the floor or nominating a person for the position of director from the floor must give notice and certain information to the DTE Energy corporate secretary by the close of business on Jan. 4, 2018.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-sets-2018-annual-meeting-date-300568644.html
SOURCE DTE Energy
DETROIT, Nov. 27, 2017 /PRNewswire/ -- DTE Energy Foundation and the Downtown Detroit Partnership (DDP) are excited to announce a title attempt for the largest gathering of people wearing holiday (Christmas season) sweaters and jumpers at downtown Detroit's Beacon Park on Dec. 9.
Presented by UglyChristmasSweater.com, the Guinness World Records™ attempt will aim to break the current record of 3,473 set at the Kansas Athletics vs. Montana men's basketball game on Dec. 19, 2015 in Lawrence, KS.
Participants will be asked to convene at DTE Energy's Beacon Park on the corner of Cass and Grand River in Detroit at 6:30 p.m. to begin the process of getting participants in place for the official count. UglyChristmasSweater.com will also be on site selling an assortment of holiday sweaters to anyone needing approved attire.
"My brother Mark and I are so excited to potentially bring a Guinness World Records™ title attempt to the city of Detroit," said UglyChristmasSweater.com co-owner Fred Hajjar. "We hope the community will embrace the holiday spirit and join us on December 9 at Beacon Park to shatter the previous record."
Directly following the record attempt, the heated Winter Lodge tent will play host to one of Beacon Park's most wildly popular events - the silent disco. Partygoers donning headphones and holiday sweaters will dance the night away from 7 p.m. to midnight while DJs from iHeart Detroit radio stations Channel 955, WJLB and WNIC will simultaneously spin three genres of music on separate channels.
Food and drink will be available for purchase from a number of Detroit's favorite food trucks and bars on site. Park visitors will also be able to enjoy festive holiday lighting, outdoor fire pits and two interactive light installations, making their U.S. debut from Montreal.
"The DTE Energy Foundation is proud to sponsor events in Beacon Park that bring the community together and shine a light on this developing area of downtown," said Nancy Moody, DTE Energy vice president of Public Affairs.
For more information on participating in or volunteering for the Guinness World Records™ title attempt and the silent disco please RSVP via Facebook.
Beacon Park is located at 1903 Grand River Ave. in Detroit. For more information on Beacon Park and a complete schedule of events, visit http://downtowndetroitparks.com/parks/Beacon-Park.
About Downtown Detroit Partnership
Downtown Detroit Partnership strengthens and supports Downtown Detroit through strategic initiatives and programs. DDP convenes business, philanthropic, and government partners to create a vibrant, resilient urban core for Detroit and the surrounding community. For more information, visit downtowndetroit.org.
About the DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy (NYSE: DTE), continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.2 million electric customers in Southeast Michigan and 1.3 million natural gas customers in Michigan. In 2015, the DTE Energy Foundation provided $15 million in grant support to nonprofits throughout the company's service territories. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. http://www.dteenergy.com/foundation.
About UglyChristmasSweater.com
Founded in 2012, UglyChristmasSweater.com now offers numerous products to choose from, including shirts, sweaters, jackets, leggings and shoes. The wide range of inventory makes them a leading provider for holiday tackiness. Sizes range from small to XXXL in most apparel styles, with product prices ranging from $19.99 to $60. For more information or to shop online, visit www.uglychristmassweater.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/uglychristmassweatercom-presents-guinness-world-records-title-attempt-at-downtown-detroits-beacon-park-for-largest-gathering-of-people-wearing-holiday-sweaters-300561954.html
SOURCE DTE Energy Foundation
DETROIT, Nov. 3, 2017 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.8825 per share dividend on its common stock payable Jan. 15, 2018, to shareholders of record at the close of business Dec. 18, 2017.
This is a $0.0575 per share − or 7 percent − increase from the previous quarterly dividend of $0.825 per share and reflects the Board's confidence in the company's growth plans. The new annualized dividend per share is $3.53, up from $3.30. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
"Over the past six years, DTE Energy has consistently provided an average annual dividend increase of approximately 6 percent," said Gerry Anderson, DTE Energy Chairman and CEO. "This increase reflects the company's strong performance and ability to consistently achieve our goals. The Board's approval of the increase signals confidence in the company's long-term strategic plan."
In addition, DTE is targeting an annual dividend increase of approximately 7 percent through 2020 – higher than the 6 percent average dividend increase over the past six years.
"We recognize the value of our long history of dividend growth and the role it plays in delivering above-average shareholder returns. The decision to increase our dividend reflects DTE Energy's continued commitment to deliver shareholder value," Anderson added.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-increases-dividend-7-percent-300549427.html
SOURCE DTE Energy
JACKSON, Mich., Nov. 1, 2017 /PRNewswire/ -- In an effort to increase awareness around the dangers of carbon monoxide (CO) – an odorless, tasteless and colorless gas – Gov. Rick Snyder, the Michigan Department of Health and Human Services (DHHS), Consumers Energy and DTE Energy have collaborated to designate Oct. 30-Nov. 5 as Michigan Carbon Monoxide Safety and Awareness Week.
"Carbon monoxide poisoning sickens thousands of citizens and causes nearly 400 accidental deaths each year in the United States," Snyder stated in his proclamation. "Michigan residents should be aware that unintentional carbon monoxide poisoning can occur almost anywhere – in homes, businesses, RVs, cabins, boats and ice shanties."
CO poisoning occurs when appliances and consumer products are improperly operated or not vented properly. This includes furnaces, boilers, water heaters, ovens, fireplaces, portable heaters, generators and vehicles.
"We care about the communities we serve, and want people to know how to guard against carbon monoxide poisoning by knowing its signs, symptoms and causes," said Charles Crews, vice president of gas operations for Consumers Energy.
Symptoms of carbon monoxide poisoning often mimic the flu and can include headaches, nausea, fatigue, dizziness, shortness of breath and stinging or burning of the eyes. Prolonged exposure can cause loss of consciousness and even death. High concentrations of carbon monoxide can kill in less than five minutes.
If you experience these symptoms and suspect carbon monoxide poisoning, leave your home/the building immediately, call 9-1-1 for medical attention and stay out of the building until the problem has been corrected.
"The best defense against CO poisoning is to install an Underwriters Laboratory-approved audible carbon monoxide alarm in a central location outside each sleeping area and on every level of the home," said Nicholas Solomon, corporate safety specialist for DTE Energy. "We recommend interconnecting all CO alarms, so when one alarms they all alarm."
Carbon monoxide alarms are often combined with smoke alarms and can be purchased at hardware and grocery stores. Another way to protect against carbon monoxide poisoning is to make sure your gas appliances are operating and venting properly. A yearly inspection is recommended.
Other tips for protecting against deadly carbon monoxide poisoning include:
For a printable fact sheet on carbon monoxide safety, go to www.ConsumersEnergy.com/cosafety
About Consumers Energy: Consumers Energy, Michigan's largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties. For more information about Consumers Energy, go to www.ConsumersEnergy.com.
About DTE Energy: DTE Energy (NYSE: DTE), Michigan's largest energy company, is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Check out Consumers Energy on Social Media
Facebook: https://www.facebook.com/consumersenergymichigan
Twitter: https://twitter.com/consumersenergy
YouTube: https://www.youtube.com/user/consumersenergy
Flickr: https://www.flickr.com/photos/consumersenergy
View original content with multimedia:http://www.prnewswire.com/news-releases/saving-lives-is-focus-of-michigan-carbon-monoxide-safety-and-awareness-week-300546953.html
SOURCE Consumers Energy
DETROIT, Oct. 27, 2017 /PRNewswire/ -- A more typical Michigan winter is expected this year, in contrast to last year's unseasonable warmer winter temperatures. As the cold weather sets in, DTE Energy is advising Michigan residents to start planning now for colder temperatures and the resulting increased use of natural gas.
"As the temperatures begin to dip, we expect to see an increase in natural gas use across our territory this winter season, with demand estimates up about 9 percent over last winter," said Dan Brudzynski, DTE vice president of Gas Sales and Supply. Brudzynski added that DTE buys gas in summer, when prices are typically lower, and stores it for winter use – keeping natural gas prices more stable during the coldest months.
"The good news is the actual price of natural gas will be lower than last winter, and remains near its low point over the past 10 years. Still, we encourage everyone to be prepared for winter by taking steps to save energy and keep their homes warm, efficient and safe before the cold weather hits," said Brudzynski.
DTE encourages customers to take proactive measures to reduce their natural gas usage by installing programmable thermostats, increasing insulation and weatherproofing drafty air leaks to stay warm and comfortable this winter.
More money- and energy-saving tips and information are available on DTE's website at www.dteenergy.com/staywarm.
Expect to use more gas than last year
If Michigan does experience a typical winter, DTE customers in southeast Michigan will spend, on average, $20 to $30 more over the six-month heating season compared to the same six-months last year. This number could vary across the state in different temperate regions. DTE passes its actual cost for natural gas on to customers with no mark-up. Earlier this year DTE passed through a 9 percent reduction in the price of natural gas which remains in effect today.
Customers can find more information about DTE's buying strategy and other steps the company is taking to keep prices low at www.dteenergy.com/price.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/michigan-forecast-to-return-to-normal-winter-temps-yet-natural-gas-prices-expected-to-remain-near-historic-lows-300544182.html
SOURCE DTE Energy
DETROIT, Oct. 25, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported third quarter 2017 earnings of $270 million, or $1.51 per diluted share, compared with $338 million or $1.88 per diluted share in 2016.
Operating earnings for the third quarter 2017 were $264 million, or $1.48 per diluted share, compared with 2016 operating earnings of $353 million, or $1.96 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"Our financial performance this year is strong, putting us in a position to raise our 2017 earnings guidance. We're heading into the final quarter of the year positioned for another successful year," said Gerry Anderson, DTE Energy Chairman and CEO.
Anderson highlighted recent company accomplishments:
Outlook for 2017
DTE Energy increased its 2017 operating earnings per share guidance to $5.38 - $5.69 from $5.26 - $5.57.
"Strong earnings from our non-utility businesses allowed us to re-evaluate our guidance and make an upward revision," said Peter Oleksiak, DTE Energy senior vice president and chief financial officer. "Given the company's strong year-to-date performance, we are confident in raising our operating earnings guidance midpoint by $0.12 from $5.42 to $5.54 per share."
This earnings announcement and presentation slides are available at dteenergy.com/investors.
DTE Energy plans to conduct a conference call with the investment community hosted by Peter Oleksiak at 9 a.m. ET today to discuss third quarter 2017 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or International toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors. An audio replay of the call will be available from noon today through noon Wednesday, Nov. 8, 2017. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or International toll (719) 457-0820 and enter passcode 9327084.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2017 operating earnings guidance. It is likely that certain items that impact the company's 2017 reported results will be excluded from operating results. Reconciliations to the comparable 2017 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, cyber crime and terrorism; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; implementation of new information systems; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2016 Form 10-K and 2017 Forms 10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company |
|||||||||||||||
Consolidated Statements of Operations (Unaudited) |
|||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||
September 30, |
September 30, | ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Operating Revenues |
|||||||||||||||
Utility operations |
$ |
1,573 |
$ |
1,748 |
$ |
4,714 |
$ |
4,847 |
|||||||
Non-utility operations |
1,672 |
1,180 |
4,622 |
2,909 |
|||||||||||
3,245 |
2,928 |
9,336 |
7,756 |
||||||||||||
Operating Expenses |
|||||||||||||||
Fuel, purchased power, and gas — utility |
437 |
503 |
1,362 |
1,482 |
|||||||||||
Fuel, purchased power, and gas — non-utility |
1,469 |
1,034 |
3,897 |
2,527 |
|||||||||||
Operation and maintenance |
566 |
562 |
1,725 |
1,620 |
|||||||||||
Depreciation and amortization |
258 |
230 |
756 |
702 |
|||||||||||
Taxes other than income |
91 |
92 |
297 |
282 |
|||||||||||
Asset (gains) losses and impairments, net |
6 |
— |
9 |
(1) |
|||||||||||
2,827 |
2,421 |
8,046 |
6,612 |
||||||||||||
Operating Income |
418 |
507 |
1,290 |
1,144 |
|||||||||||
Other (Income) and Deductions |
|||||||||||||||
Interest expense |
146 |
114 |
404 |
341 |
|||||||||||
Interest income |
(4) |
(3) |
(9) |
(17) |
|||||||||||
Other income |
(74) |
(51) |
(204) |
(160) |
|||||||||||
Other expenses |
13 |
12 |
26 |
27 |
|||||||||||
81 |
72 |
217 |
191 |
||||||||||||
Income Before Income Taxes |
337 |
435 |
1,073 |
953 |
|||||||||||
Income Tax Expense |
74 |
110 |
241 |
243 |
|||||||||||
Net Income |
263 |
325 |
832 |
710 |
|||||||||||
Less: Net Loss Attributable to Noncontrolling Interests |
(7) |
(13) |
(15) |
(27) |
|||||||||||
Net Income Attributable to DTE Energy Company |
$ |
270 |
$ |
338 |
$ |
847 |
$ |
737 |
|||||||
Basic Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.51 |
$ |
1.88 |
$ |
4.72 |
$ |
4.10 |
|||||||
Diluted Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.51 |
$ |
1.88 |
$ |
4.72 |
$ |
4.10 |
|||||||
Weighted Average Common Shares Outstanding |
|||||||||||||||
Basic |
179 |
179 |
179 |
179 |
|||||||||||
Diluted |
179 |
180 |
179 |
180 |
|||||||||||
Dividends Declared per Common Share |
$ |
0.825 |
$ |
0.77 |
$ |
2.475 |
$ |
2.23 |
|||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
219 |
$ |
3 |
A |
$ |
222 |
$ |
285 |
$ |
— |
$ |
285 |
||||||||||||
DTE Gas |
(15) |
2 |
A |
(13) |
(4) |
— |
(4) |
||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
36 |
— |
36 |
28 |
— |
28 |
|||||||||||||||||||
Power and Industrial Projects |
44 |
— |
44 |
34 |
1 |
C |
35 |
||||||||||||||||||
Energy Trading |
1 |
(11) |
B |
(10) |
(4) |
14 |
B |
10 |
|||||||||||||||||
Total Non-utility operations |
81 |
(11) |
70 |
58 |
15 |
73 |
|||||||||||||||||||
Corporate and Other |
(15) |
— |
(15) |
(1) |
— |
(1) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
270 |
$ |
(6) |
$ |
264 |
$ |
338 |
$ |
15 |
$ |
353 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance (net of tax of $2M and $1M for DTE Electric and DTE Gas in 2017, respectively) | |||||||||||||||||||||||||
B) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $7M in 2017 and $9M in 2016) | |||||||||||||||||||||||||
C) Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments, net |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported |
Adjustments(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
1.22 |
$ |
0.02 |
A |
$ |
1.24 |
$ |
1.58 |
$ |
— |
$ |
1.58 |
||||||||||||
DTE Gas |
(0.08) |
0.01 |
A |
(0.07) |
(0.03) |
— |
(0.03) |
||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.20 |
— |
0.20 |
0.16 |
— |
0.16 |
|||||||||||||||||||
Power and Industrial Projects |
0.24 |
— |
0.24 |
0.19 |
0.01 |
C |
0.20 |
||||||||||||||||||
Energy Trading |
0.01 |
(0.06) |
B |
(0.05) |
(0.02) |
0.07 |
B |
0.05 |
|||||||||||||||||
Total Non-utility operations |
0.45 |
(0.06) |
0.39 |
0.33 |
0.08 |
0.41 |
|||||||||||||||||||
Corporate and Other |
(0.08) |
— |
(0.08) |
— |
— |
— |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.51 |
$ |
(0.03) |
$ |
1.48 |
$ |
1.88 |
$ |
0.08 |
$ |
1.96 |
|||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
463 |
$ |
10 |
A |
$ |
476 |
$ |
547 |
$ |
— |
$ |
547 |
||||||||||||
3 |
B |
||||||||||||||||||||||||
DTE Gas |
93 |
2 |
B |
95 |
96 |
— |
96 |
||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
121 |
— |
121 |
93 |
— |
93 |
|||||||||||||||||||
Power and Industrial Projects |
104 |
— |
104 |
66 |
7 |
D |
73 |
||||||||||||||||||
Energy Trading |
97 |
(85) |
C |
12 |
(34) |
60 |
C |
26 |
|||||||||||||||||
Total Non-utility operations |
322 |
(85) |
237 |
125 |
67 |
192 |
|||||||||||||||||||
Corporate and Other |
(31) |
— |
(31) |
(31) |
— |
(31) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
847 |
$ |
(70) |
$ |
777 |
$ |
737 |
$ |
67 |
$ |
804 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) MPSC disallowance of power supply recovery costs related to a customer settlement — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions — Interest expense (net of tax of $6M) | |||||||||||||||||||||||||
B) Implementation costs related to a new customer billing system, net of authorized regulatory deferral — recorded in Operating Expenses — Operation and maintenance (net of tax of $2M and $1M for DTE Electric and DTE Gas in 2017, respectively) | |||||||||||||||||||||||||
C) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $54M in 2017 and $38M in 2016) | |||||||||||||||||||||||||
D) Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments (net of tax of $4M) |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported |
Adjustments(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
2.58 |
$ |
0.06 |
A |
$ |
2.66 |
$ |
3.04 |
$ |
— |
$ |
3.04 |
||||||||||||
0.02 |
B |
||||||||||||||||||||||||
DTE Gas |
0.52 |
0.01 |
B |
0.53 |
0.53 |
— |
0.53 |
||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.68 |
— |
0.68 |
0.52 |
— |
0.52 |
|||||||||||||||||||
Power and Industrial Projects |
0.57 |
— |
0.57 |
0.37 |
0.04 |
D |
0.41 |
||||||||||||||||||
Energy Trading |
0.54 |
(0.47) |
C |
0.07 |
(0.19) |
0.33 |
C |
0.14 |
|||||||||||||||||
Total Non-utility operations |
1.79 |
(0.47) |
1.32 |
0.70 |
0.37 |
1.07 |
|||||||||||||||||||
Corporate and Other |
(0.17) |
— |
(0.17) |
(0.17) |
— |
(0.17) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
4.72 |
$ |
(0.38) |
$ |
4.34 |
$ |
4.10 |
$ |
0.37 |
$ |
4.47 |
|||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||
Adjustments key — see previous page |
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-third-quarter-2017-results-raises-guidance-300542637.html
SOURCE DTE Energy
DEARBORN, Mich., Oct. 24, 2017 /PRNewswire/ -- Created exclusively by DTE Energy, an "ultra-low" emission energy infrastructure of the future will soon power Ford Motor Company's Research and Engineering Center (REC) located on its Dearborn campus.
DTE will build, own and operate a host of advanced sustainability systems including natural air flow ventilation, geothermal heating and cooling, and solar in a state-of-the-art energy infrastructure serving the REC.
"Ford and DTE have a long history of working together, and the REC development offered another opportunity for our companies to collaborate on a major sustainability project," said Dave Ruud, president of DTE's Power and Industrial (P&I) Group. "This partnership will deliver the reliable and efficient energy Ford needs for many years to come."
DTE Electric, Gas, and Power and Industrial Services
DTE's infrastructure scope includes constructing, owning and operating a highly efficient, gas-fired combined heat and power plant, chilled and hot water systems, distribution systems, thermal energy storage and a geothermal system designed to increase the efficiency of the chilled and hot water facilities. DTE will employ advanced technologies to achieve high levels of sustainability and improvements in overall campus energy efficiency:
For example,
50 Percent Improvement in Energy Efficiency
The REC will leverage DTE investments using advanced HVAC technologies like Chilled Beam and Variable Refrigerant Flow systems in conjunction with advanced sustainability
features. All new buildings are expected to achieve LEED Gold certification and reduced energy usage of approximately 50 percent when compared with the existing campus office space.
Nearby DTE customers also benefit
These upgrades will benefit local DTE customers as the infrastructure improvements made in Dearborn will enhance energy reliability and availability in the area.
DTE Electric and DTE Gas will continue to be Ford's electric and natural gas suppliers. The P&I Group will construct and operate DTE's energy infrastructure on site and own the DTE infrastructure, with the exception of the CHP and solar assets.
"The P&I group has a long history of providing 'on site' energy solutions designed to increase energy efficiency, improve reliability and sustainability for our customers," Ruud added. The REC project will be the latest and most significant of many collaborations between Ford and P&I.
Services under the agreements are expected to commence following completion of construction in December 2019.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-to-power-ford-motor-company-research-and-engineering-center-with-advanced-technologies--achieving-50-percent-energy-efficiency-300542452.html
SOURCE DTE Energy
DETROIT, Oct. 24, 2017 /PRNewswire/ -- Gerry Anderson, DTE Energy chairman and CEO, will provide a business update at the EEI Financial Conference on Tuesday, Nov. 7, 2017. The 40-minute presentation is scheduled to start at 11:15 a.m. ET.
The conference audio and presentation materials will be available via webcast through a link on DTE Energy's website, dteenergy.com/investors. The webcast replay will be available and archived on the website.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-chairman-and-ceo-to-speak-at-eei-financial-conference-300541709.html
SOURCE DTE Energy
DETROIT, Oct. 12, 2017 /PRNewswire/ -- DTE Energy, Consumers Energy and the Lansing Board of Water & Light (BWL) are partnering to provide Michigan students an up-close look at vibrant career paths with the fourth annual Careers in Energy Week, proclaimed Oct. 16-20 by Gov. Rick Snyder.
More than 99,000 Michiganders have energy-related jobs, and the Michigan Workforce Development Agency estimates energy jobs will grow by 9 percent through 2024. At the same time, as many as 50 percent of workers in Michigan's utility sector will be eligible to retire within the next decade.
"There is incredible demand for skilled trade professionals in Michigan's energy industry," said Tracy DiSanto, DTE Energy manager, Workforce Planning and Analytics, and co-chair of the Michigan Energy Workforce Development Consortium (MEWDC). "Yet many students aren't exposed to the high-potential and rewarding career options our industry offers.
"During Careers in Energy Week, one of our aims is to change that, to help students gain a mental map of the many careers available to them in the energy industry," DiSanto said.
Michigan energy companies have hired more than 2,500 employees since January 2016 and there are more than 1,800 new energy company jobs in Michigan each year. At the same time, this year, DTE Energy, Consumers Energy and BWL will collectively provide nearly 1,000 internship and co-op jobs for high school and college students to help build the talent pipeline.
Throughout the week, the partnership will focus on sparking interest in these opportunities through educational, hands-on events, including:
"A strong talent pipeline is key to building and sustaining Michigan's energy industry," said Amber Fogarty, learning facilitator for Consumers Energy and Career Awareness Task Force Lead for the MEWDC. "Careers in Energy Week is all about generating excitement for jobs in an often-overlooked industry, and creating meaningful career pathways for students."
The Michigan Energy Workforce Development Consortium is an industry-led partnership of more than 50 organizations dedicated to addressing current and future workforce issues that are crucial to building and sustaining Michigan's energy industry. MEWDC recently created Michigan's 17th career cluster in energy, enabling high schools and community colleges to incorporate energy-related courses in their curriculum. DTE Energy and Consumers Energy support energy education efforts at schools and nonprofit groups through annual Foundation contributions of more than $5.5 million.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
About Consumers Energy
Consumers Energy is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.
About Lansing Board of Water & Light
The Lansing Board of Water & Light is a municipally owned public utility dating back to 1885, when Lansing citizens approved building a water system. Electricity was added to the list of utility services in 1892, steam heat in 1919 and hilled water in 2001. BWL's mission is to provide safe, reliable and affordable utility products and services to our over 97,000 electric and 55,000 water customers throughout the greater Lansing area.
View original content with multimedia:http://www.prnewswire.com/news-releases/michigan-energy-companies-partner-to-showcase-careers-in-energy-throughout-the-state-300535749.html
SOURCE DTE Energy
DETROIT, Oct. 11, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its third quarter 2017 earnings before the market opens Wednesday, Oct. 25, 2017.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-third-quarter-2017-earnings-release-conference-call-300534652.html
SOURCE DTE Energy
DETROIT, Oct. 9, 2017 /PRNewswire/ -- DTE Energy today announced its Lapeer solar park, located in Lapeer, Mich., is now operational and producing enough clean energy to power 11,000 homes. The 200,000-panel array sits on more than 250 acres and is one of the largest utility-owned solar parks east of the Mississippi River. DTE broke ground on the project in the spring of 2016.
"DTE is committed to providing our 2.2 million customers with energy that is reliable, affordable and cleaner," said Irene Dimitry, vice president of business planning and development for DTE Energy. "DTE plans to reduce carbon emissions by more than 80 percent by 2050 in a way that works for Michigan's economy, homeowners and businesses. We will achieve these reductions by incorporating substantially more renewable energy into our diverse energy mix while also transitioning our 24/7 power sources from coal to natural gas, continuing to operate our zero-emission Fermi 2 nuclear power plant, and improving options for customers to save energy and reduce bills."
Solar energy now makes up 7 percent of DTE's renewable energy portfolio and brings the company's investment in solar energy to $170 million since 2008 – the most of any company in Michigan. DTE currently powers 450,000 homes from 1,000 megawatts of renewable energy.
"The Lapeer project has been extremely positive for our residents," said Lapeer Mayor William Sprague. "It has called attention to Lapeer not only throughout the state but nationwide. I have received many calls from others in government regarding the project's benefits and what they can do to attract solar projects to their communities."
DTE's renewable energy portfolio also includes one of the largest urban solar arrays in the Midwest – its O'Shea solar park in Detroit. The O'Shea project is the result of a unique public-private partnership between DTE and the City of Detroit in which DTE redeveloped nearly 10 acres of previously vacant land, helping to revitalize the surrounding neighborhood.
Since 2008, DTE has spearheaded more than $2 billion of investment in wind and solar resources. As Michigan's largest producer of renewable energy, DTE has 13 wind parks and 31 solar arrays in its renewable energy portfolio. More than 10 percent of the energy DTE uses to supply electricity to customers comes from these renewable energy resources.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-begins-operating-largest-solar-park-in-michigan-300533186.html
SOURCE DTE Energy
DETROIT, Sept. 1, 2017 /PRNewswire/ -- DTE Energy is powering Little Caesars Arena – the new home of the Detroit Red Wings and Detroit Pistons – and The District Detroit, growing neighborhoods and businesses around the venue.
DTE built a new substation, along with a customized underground electrical system, to power the multi-use facility and its high-tech entertainment features, including:
The state-of-the-art electrical system will allow arena staff to monitor the venue's energy load and reroute power as needed. DTE Energy's investment in this new infrastructure enables future economic growth in the city, making it possible for DTE to meet the electrical needs of additional businesses in areas near the arena.
"We are proud to collaborate with Olympia Entertainment to power the new arena, and for the opportunity to help ensure it's a place residents and visitors can enjoy for decades to come," said Jerry Norcia, president and COO, DTE Energy. "DTE is committed to supporting the economic growth and prosperity of the City of Detroit, and building the infrastructure necessary to meet the needs of businesses now and in the future."
DTE also is the provider of natural gas for the arena, which features 67 fireplaces in suites and lounges. Its natural gas will also power industrial grade dehumidifiers. In addition, arena staff will use natural gas heat for cooking and laundering uniforms in gas-operated dryers.
Little Caesars Arena is one of many infrastructure projects DTE has worked on in Detroit. Other recent projects include building new infrastructure for the QLine, installing energy efficient LED lighting on a number of major Metro Detroit freeways, and converting more than 100 business customers, Detroit schools and institutions from the Detroit Public Lighting Department to DTE's energy grid.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
About Little Caesars Arena
Home to the Detroit Red Wings, Detroit Pistons and other sports and entertainment events, concerts, family shows and community functions, the new Little Caesars Arena will feature a dramatic arena bowl, proximity to the action and great sight lines. Rich with the tradition of the Original Six™ Detroit Red Wings, the Detroit Pistons and Detroit's incredible musical heritage, Little Caesars Arena will also feature state-of-the-art technology and fan amenities. Little Caesars Arena, a crown jewel of the 50-block revitalization project known as The District Detroit, will open in the fall of 2017.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-powers-the-district-detroit-with-modern-smart-infrastructure-300512737.html
SOURCE DTE Energy
DETROIT, Aug. 15, 2017 /PRNewswire/ -- DTE Energy customers taking advantage of the company's energy efficiency programs – such as LED lighting and ENERGY STAR® appliances – are seeing a significant return on their investment. For every $1 spent on energy programs, DTE's customers save more than an estimated $5 in avoided energy costs over the lifetime of the measure implemented. In 2016, residential and business customers saved nearly $600 million in energy bill savings across all programs.
The energy and cost savings, cited in DTE's 2016 Energy Optimization Report, are proof that customers using energy efficiency programs are able to control their energy consumption and save money on their monthly bills.
"We listen to our customers to gain insight into how and why they're using these programs, and what their experiences have been," said John Boladian, director of energy efficiency at DTE Energy. "Not only do our customers love saving money, they also take pride in reducing their energy waste and improving the environment."
Since 2009, on average, DTE electric and gas households has participated in at least one energy efficiency program and directly benefited from taking action. These customers have saved through many products, services and technologies designed to help manage their energy consumption, including the DTE Insight app. The app is used to monitor real-time home energy use, enabling consumers to live more efficiently through immediate behavior changes based on usage patterns. In 2016, more than 116,000 households downloaded the DTE Insight app, logging over 7,550,000 sessions.
Customers have also saved by:
More information on savings and programs are available in DTE's 2016 Energy Optimization Report at dteenergy.com/eoannualreport. DTE accomplishments highlighted in the report include:
For energy efficiency information, residential customers can visit dteenergy.com/saveenergy and business customers can visit dteenergy.com/savenow.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-customers-save-5-for-every-1-spent-on-energy-efficiency-programs-300504507.html
SOURCE DTE Energy
DETROIT, Aug. 1, 2017 /PRNewswire/ -- DTE Energy has filed a Certificate of Necessity with the Michigan Public Service Commission (MPSC) seeking to build a state-of-the-art natural gas-fired power plant of about 1,100 megawatts (MW) on existing company property in East China Township, Mich., that will provide affordable and reliable power for 850,000 homes beginning in 2022.
The almost $1 billion project will be built at a cost of approximately $860 per kilowatt and is scheduled to break ground in 2019, creating hundreds of Michigan jobs during construction. It is one of many steps DTE is taking to achieve its goal of reducing carbon emissions by 30 percent by the early 2020s and more than 80 percent by 2050. DTE will achieve these reductions by adding 4,000 MW of renewable energy from wind and solar farms, transitioning its 24/7 power sources from coal to natural gas, continuing to operate its zero-emission Fermi 2 power plant, and providing additional opportunities for customers to save energy and reduce bills.
"A fundamental transformation in the way we produce power in Michigan has already begun. Last year, we announced three DTE coal-fired power plants will be retired by 2023 and replaced with cleaner, more efficient, reliable and affordable energy, including natural gas and renewables," said Trevor F. Lauer, DTE Electric president and COO. "This filing with the MPSC includes nearly a year of research and a competitive bidding process that determined building a natural gas-fired plant is the best solution for our customers due to many factors, including the environment, reliability and affordability."
A Certificate of Necessity is an application filed with the MPSC by an energy company seeking to purchase, contract for or build a power plant. This process is established by Michigan's 2008 energy law and further refined through the 2016 energy legislation.
Upon receiving the filing, the MPSC has 270 days to review DTE's request and respond. If approved, the new gas-fired plant would be the most efficient power plant in Michigan.
"Natural gas-fired plants will be a critical part of our power generation capacity in the decades ahead," Lauer said. "Natural gas significantly reduces carbon, sulfur dioxide and nitrous oxide emissions, offers an affordable and abundant domestic supply, is easy to transport and provides a reliable 24/7 power source for our 2.2 million customers."
Long term, DTE plans to produce over three-quarters of its power from renewable energy and highly efficient natural gas-fired power plants. DTE also will continue to reduce its energy waste annually by 1.5 percent.
DTE selected the East China Township site for its new natural gas plant because it already has in place electric, natural gas and other infrastructure, experienced employees and a supportive community – DTE has operated the St. Clair and Belle River coal-fired power plants there for many decades.
"DTE has been an important partner to St. Clair County for more than 60 years, both as a job creator, a responsible corporate citizen and a strong community partner," said Daniel Casey, CEO, St. Clair Economic Development Council. "We are excited about the move to cleaner energy and are thrilled that DTE has made the commitment to continue to be an integral part of our community for generations to come."
If approved, DTE expects plant construction to create about 500 jobs.
"Representing the construction trades, I'm excited to see DTE investing in and bringing jobs into our state," said Shorty Gleason, Legislative Director, Michigan Building and Construction Trades Council. "This gas plant build represents real, sustainable economic growth and it will be exciting to be a part of the industry's transformation."
The new plant is scheduled to begin operation in 2022, offsetting some of the capacity retired when three of the company's Michigan coal-fired power plants – River Rouge, St. Clair and Trenton Channel – are removed from service in the 2020-2023 timeframe.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-seeks-to-build-efficient-natural-gas-plant-in-michigan-300497465.html
SOURCE DTE Energy
DETROIT, July 26, 2017 /PRNewswire/ -- DTE Energy (NYSE:DTE) today reported second quarter 2017 earnings of $177 million, or $0.99 per diluted share, compared with $152 million or $0.84 per diluted share in 2016.
Operating earnings for the second quarter 2017 were $191 million or $1.07 per diluted share, compared with 2016 operating earnings of $177 million, or $0.98 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"Our financial performance this quarter was strong, putting us in a position to raise our 2017 earnings guidance," said Gerry Anderson, DTE Energy Chairman and CEO. "The second quarter was important and encouraging on many fronts as well: we announced our strategy to reduce carbon emissions by more than 80 percent, achieved top decile customer satisfaction and employee safety results, received national recognition from Gallup and Indeed for the quality of our workplace, and continued our investments in Michigan companies."
Anderson also noted the following recent company accomplishments:
Outlook for 2017
DTE Energy increased its 2017 operating earnings per share guidance to $5.26 - $5.57 from $5.15 - $5.46.
"We are confident in raising our operating earnings guidance from a midpoint of $5.31 to $5.42 per share based on our continued strong performance within our non-utility businesses," said Peter Oleksiak, DTE Energy senior vice president and chief financial officer.
This earnings announcement and presentation slides are available at dteenergy.com/investors.
DTE Energy plans to conduct a conference call with the investment community hosted by Anderson at 9 a.m. ET today to discuss second quarter 2017 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or International toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at dteenergy.com/investors. An audio replay of the call will be available from noon today through noon Wednesday August 9, 2017. To access the replay, dial US and Canada toll free (888) 203-1112 or International toll (719) 457-0820 and enter passcode 9327084.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2017 operating earnings guidance. It is likely that certain items that impact the company's 2017 reported results will be excluded from operating results. Reconciliations to the comparable 2017 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market movements and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "may," "could," "projected," "aspiration," "plans" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, cyber crime and terrorism; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; implementation of new information systems; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2016 Form 10-K and 2017 Forms 10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company |
|||||||||||||||
Consolidated Statements of Operations (Unaudited) |
|||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
June 30, |
June 30, | ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Operating Revenues |
|||||||||||||||
Utility operations |
$ |
1,423 |
$ |
1,435 |
$ |
3,141 |
$ |
3,099 | |||||||
Non-utility operations |
1,432 |
827 |
2,950 |
1,729 | |||||||||||
2,855 |
2,262 |
6,091 |
4,828 | ||||||||||||
Operating Expenses |
|||||||||||||||
Fuel, purchased power, and gas — utility |
396 |
414 |
925 |
979 | |||||||||||
Fuel, purchased power, and gas — non-utility |
1,248 |
717 |
2,428 |
1,493 | |||||||||||
Operation and maintenance |
559 |
542 |
1,159 |
1,058 | |||||||||||
Depreciation and amortization |
249 |
243 |
498 |
472 | |||||||||||
Taxes other than income |
97 |
91 |
206 |
190 | |||||||||||
Asset (gains) losses and impairments, net |
3 |
(1) |
3 |
(1) | |||||||||||
2,552 |
2,006 |
5,219 |
4,191 | ||||||||||||
Operating Income |
303 |
256 |
872 |
637 | |||||||||||
Other (Income) and Deductions |
|||||||||||||||
Interest expense |
133 |
114 |
258 |
227 | |||||||||||
Interest income |
(2) |
(3) |
(5) |
(14) | |||||||||||
Other income |
(66) |
(57) |
(130) |
(109) | |||||||||||
Other expenses |
6 |
7 |
13 |
15 | |||||||||||
71 |
61 |
136 |
119 | ||||||||||||
Income Before Income Taxes |
232 |
195 |
736 |
518 | |||||||||||
Income Tax Expense |
57 |
50 |
167 |
133 | |||||||||||
Net Income |
175 |
145 |
569 |
385 | |||||||||||
Less: Net Loss Attributable to Noncontrolling Interests |
(2) |
(7) |
(8) |
(14) | |||||||||||
Net Income Attributable to DTE Energy Company |
$ |
177 |
$ |
152 |
$ |
577 |
$ |
399 | |||||||
Basic Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.99 |
$ |
0.84 |
$ |
3.21 |
$ |
2.22 | |||||||
Diluted Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.99 |
$ |
0.84 |
$ |
3.21 |
$ |
2.22 | |||||||
Weighted Average Common Shares Outstanding |
|||||||||||||||
Basic |
179 |
179 |
179 |
179 | |||||||||||
Diluted |
179 |
180 |
179 |
180 | |||||||||||
Dividends Declared per Common Share |
$ |
0.825 |
$ |
0.73 |
$ |
1.65 |
$ |
1.46 | |||||||
DTE Energy Company | |||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
DTE Electric |
$ |
138 |
$ |
10 |
A |
$ |
148 |
$ |
135 |
$ |
— |
$ |
135 |
||||||||||||||
DTE Gas |
1 |
— |
1 |
13 |
— |
13 | |||||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||||
Gas Storage and Pipelines |
40 |
— |
40 |
35 |
— |
35 | |||||||||||||||||||||
Power and Industrial Projects |
30 |
— |
30 |
15 |
2 |
C |
17 |
||||||||||||||||||||
Energy Trading |
— |
4 |
4 |
(23) |
23 |
B |
— |
||||||||||||||||||||
Total Non-utility operations |
70 |
4 |
B |
74 |
27 |
25 |
52 |
||||||||||||||||||||
Corporate and Other |
(32) |
— |
(32) |
(23) |
— |
(23) |
|||||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
177 |
$ |
14 |
$ |
191 |
$ |
152 |
$ |
25 |
$ |
177 |
|||||||||||||||
Adjustments key | |||||||||||||||||||||||||||
A) MPSC disallowance of power supply recovery costs related to a customer settlement — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions — Interest expense (net of tax of $6M) | |||||||||||||||||||||||||||
B) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $2M in 2017 and $15M in 2016) | |||||||||||||||||||||||||||
C) Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments (net of tax of $1M) |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustment(1) |
Operating |
Reported |
Adjustment(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
0.77 |
$ |
0.06 |
A |
$ |
0.83 |
$ |
0.75 |
$ |
— |
$ |
0.75 | ||||||||||||
DTE Gas |
0.01 |
— |
0.01 |
0.07 |
— |
0.07 | |||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.22 |
— |
0.22 |
0.20 |
— |
0.20 | |||||||||||||||||||
Power and Industrial Projects |
0.17 |
— |
0.17 |
0.08 |
0.01 |
C |
0.09 | ||||||||||||||||||
Energy Trading |
— |
0.02 |
B |
0.02 |
(0.13) |
0.13 |
B |
— | |||||||||||||||||
Total Non-utility operations |
0.39 |
0.02 |
0.41 |
0.15 |
0.14 |
0.29 | |||||||||||||||||||
Corporate and Other |
(0.18) |
— |
(0.18) |
(0.13) |
— |
(0.13) | |||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.99 |
$ |
0.08 |
$ |
1.07 |
$ |
0.84 |
$ |
0.14 |
$ |
0.98 | |||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company |
||||||||||||||||||||||||||
Segment Net Income (Unaudited) |
||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||
2017 |
2016 | |||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating |
|||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
DTE Electric |
$ |
244 |
$ |
10 |
A |
$ |
254 |
$ |
262 |
$ |
— |
$ |
262 | |||||||||||||
DTE Gas |
108 |
— |
108 |
100 |
— |
100 | ||||||||||||||||||||
Non-utility operations |
||||||||||||||||||||||||||
Gas Storage and Pipelines |
85 |
— |
85 |
65 |
— |
65 | ||||||||||||||||||||
Power and Industrial Projects |
60 |
— |
60 |
32 |
6 |
C |
38 | |||||||||||||||||||
Energy Trading |
96 |
(74) |
B |
22 |
(30) |
46 |
B |
16 | ||||||||||||||||||
Total Non-utility operations |
241 |
(74) |
167 |
67 |
52 |
119 | ||||||||||||||||||||
Corporate and Other |
(16) |
— |
(16) |
(30) |
— |
(30) | ||||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
577 |
$ |
(64) |
$ |
513 |
$ |
399 |
$ |
52 |
$ |
451 | ||||||||||||||
Adjustments key |
||||||||||||||||||||||||||
A) MPSC disallowance of power supply recovery costs related to a customer settlement — recorded in Operating Revenues — Utility operations and Other (Income) and Deductions — Interest expense (net of tax of $6M) |
||||||||||||||||||||||||||
B) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $47M in 2017 and $30M in 2016) |
||||||||||||||||||||||||||
C) Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments (net of tax of $3M) |
DTE Energy Company |
||||||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) |
||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2017 |
2016 | |||||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported Earnings |
Adjustments(1) |
Operating Earnings |
|||||||||||||||||||||||
DTE Electric |
$ |
1.36 |
$ |
0.06 |
A |
$ |
1.42 |
$ |
1.46 |
$ |
— |
$ |
1.46 |
|||||||||||||||
DTE Gas |
0.60 |
— |
0.60 |
0.56 |
— |
0.56 |
||||||||||||||||||||||
Non-utility operations |
||||||||||||||||||||||||||||
Gas Storage and Pipelines |
0.47 |
— |
0.47 |
0.36 |
— |
0.36 |
||||||||||||||||||||||
Power and Industrial Projects |
0.33 |
— |
0.33 |
0.18 |
0.03 |
C |
0.21 |
|||||||||||||||||||||
Energy Trading |
0.54 |
(0.41) |
B |
0.13 |
(0.17) |
0.26 |
B |
0.09 |
||||||||||||||||||||
Total Non-utility operations |
1.34 |
(0.41) |
0.93 |
0.37 |
0.29 |
0.66 |
||||||||||||||||||||||
Corporate and Other |
(0.09) |
— |
(0.09) |
(0.17) |
— |
(0.17) |
||||||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
3.21 |
$ |
(0.35) |
$ |
2.86 |
$ |
2.22 |
$ |
0.29 |
$ |
2.51 |
||||||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||||||
Adjustments key — see previous page |
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-reports-second-quarter-2017-results-raises-guidance-300494274.html
SOURCE DTE Energy
DETROIT, July 18, 2017 /PRNewswire/ -- The corner of Grand River and Cass Avenue transforms into a place of light, energy and motion when Beacon Park opens to the public on Thurs., July 20, 2017. Downtown Detroit's newest public space debuts with a weekend festival of music, art, dance and games. The festivities begin with the park's official ribbon cutting at 11 a.m. on Thurs. and run throughout the weekend.
"We are excited to bring a vibrant and engaging park to this part of the city," said Gerry Anderson, DTE Energy chairman and CEO. "The music, art, food and games offered at Beacon Park are projected to attract a million visitors a year and serve as a catalyst for development in west central downtown."
Beacon Park highlights include:
One of the opening weekend's premier events will be Impulse: An Interactive Art Exhibit. The work is comprised of giant illuminated seesaws that light up when ridden by visitors. Detroit is only the third city in the country to host the playful exhibit, which has primarily toured in Europe. According to the artists who created the exhibit, the seesaws are fitted with LED lights and speakers that produce a sequence of lights and sounds resulting in ever changing composition.
The park will host nearly 50 other activities and performances throughout the grand opening weekend. The Downtown Detroit Partnership (DDP), supported by a grant from the DTE Energy Foundation, operates the park and schedules events both for the grand opening and throughout the year.
National musical acts performing during Beacon Park's grand opening weekend include American indie sensation Lord Huron, Robert Randolph & The Family Band and Plena Libre. The park will host grand opening after-work parties on Thursday and Friday. Saturday will be filled with family-friendly entertainment in addition to a night market featuring 25 unique boutiques. Visitors are invited to a gospel brunch followed by classical music on Sunday. On Sunday evening, visitors can watch the movie Back to the Future on a giant screen while enjoying popcorn, snacks, a hover board demonstration and giveaways.
"We've planned a weekend that has something for everybody, because that is what Beacon Park is all about," said Anderson.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
Grand Opening Highlights:
Thursday, July 20
Friday, July 21
Saturday, July 22
Sunday, July 23
All Weekend
Visit the DTE Energy blog, EmpoweringMichigan.com, for the full schedule of nearly 50 weekend events.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-hosts-free-four-day-festival-to-celebrate-the-opening-of-beacon-park-300489364.html
SOURCE DTE Energy
DETROIT, July 13, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) today named Robert Skaggs to its Board of Directors, effective immediately.
For more than a decade, Skaggs served as chief executive for both the Columbia Pipeline Group, Inc. and NiSource Inc., a Fortune 500 energy holding company engaged in natural gas and electric utilities and the gas storage and pipeline business. He has held numerous leadership positions throughout his 35-year career.
"We're pleased Bob has agreed to join our board of directors and add to the diverse knowledge and views our directors bring to DTE," said Gerry Anderson, chairman and CEO of DTE Energy. "Bob joins us at a crucial time in our industry's history. His knowledge and understanding of gas LDCs and the gas storage and pipeline business will be vital in the years ahead as DTE continues to grow its gas storage and pipeline business and transitions its electric generation fleet to include more natural gas generation and renewable sources."
Skaggs, 63, earned his bachelor's degree in economics from Davidson College, a juris doctorate from West Virginia University and a master's degree in business administration from Tulane University.
Skaggs has served as a director at Cloud Peak Energy, Inc. since July 2015, and serves on the University Research Association (URA) Board of Trustees. Skaggs has served on the board of the National Safety Council and a wide variety of community and philanthropic organizations.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-names-energy-executive-robert-skaggs-to-board-of-directors-300488108.html
SOURCE DTE Energy
DETROIT, July 12, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its second quarter 2017 earnings before the market opens Wednesday, July 26, 2017.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-schedules-second-quarter-2017-earnings-release-conference-call-300486446.html
SOURCE DTE Energy
DETROIT, July 11, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) today named Rodney Cole to the position of director, State Government Affairs, leading the company's policy and advocacy efforts in Lansing, Mich. In his new role, Cole will lead DTE's Lansing office and will continue strengthening relationships with Michigan's public sector leaders to create and implement policy that benefits DTE's customers throughout the state.
Cole most recently led DTE's Wayne County Regional Relations team, where he served as the primary contact between DTE and local municipalities – including the City of Detroit ̶ and community partners. Cole replaces Jim Padgett, who will retire in September after serving 20 years in a leadership role with DTE's regulatory and government affairs organizations.
"Rodney's strong leadership abilities will be crucial as DTE continues to engage in the implementation of the 2016 energy policy legislation and works to develop new generation to meet our customers' needs," said Renze Hoeksema, vice president, Corporate and Government Affairs for DTE Energy. "Rodney's natural ability to build strong, authentic relationships and his experience leading change make him a perfect fit for this role, and I am excited to see the impact he'll have in Lansing."
Cole received his bachelor's and master's degrees from Michigan State University, and soon after served as an HR consultant with Capital H Group, providing client-focused recruiting services. Cole joined DTE Energy in 2006 working in Human Resources and supported the company's gas utility and non-regulated gas businesses, electric distribution operations and its Corporate Services and Information Technology areas.
Cole serves on the boards of City Connect Detroit, Don Bosco Hall, Black Caucus Foundation of Michigan, Booker T. Washington Business Association, Teen Hype and the Wayne State University Press Board of Visitors.
Cole's replacement will be named at a later date.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
View original content with multimedia:http://www.prnewswire.com/news-releases/dte-energy-names-rodney-cole-state-government-affairs-director-300485919.html
SOURCE DTE Energy
DETROIT, June 22, 2017 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.825 per share dividend on its common stock payable Oct. 15, 2017, to shareholders of record at the close of business Sept. 18, 2017.
The dividend signifies consistency and confidence in the Company's performance for the remaining half of 2017, and delivers on the 7.1 percent per share increase communicated in November 2016. This continues DTE Energy's reliable dividend history, having issued a cash dividend for more than 100 years.
In addition, DTE is targeting an annual dividend increase of approximately 7 percent through 2019 - higher than the 5.6 percent average dividend increase over the past five years. The targeted increases, which are subject to Board approval, signal confidence in the Company's growth plan and are intended to bring DTE Energy's dividend payout ratio in line with industry peers.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, June 16, 2017 /PRNewswire/ -- Reflecting the park's mission to bring light, energy and motion to west central downtown, DTE Energy today announced the name for Detroit's newest world-class public space and entertainment hub — Beacon Park.
Beacon Park – located on Cass Avenue and Grand River in Detroit – adjacent to DTE Energy's headquarters campus, will open to the public on Thursday, July 20, 2017, kicking off four days of grand opening events that include live music, a night market and family entertainment.
"The name is fitting," said DTE Energy Chairman and CEO Gerry Anderson. "From the beginning, we envisioned this public space would shine light on the western edge of downtown Detroit, becoming a beacon for development, a beacon to bring more visitors and businesses to Detroit, and a beacon of continued progress for a city in the midst of revitalization. We're looking forward to seeing young and old, Detroiters and visitors alike, enjoy Beacon Park and all of the exciting activities and programming it will offer year-round."
The 1.5-acre Beacon Park will feature a restaurant and a central lawn with intimate walking paths and areas to sit, relax and recharge; a multi-use space for outdoor programmed activities; a site for perfomances; and areas for food truck vendors and bicycle parking.
Both the park's location and its distinctive amenities will help spur development in the area. Sited between the entertainment district – home of Little Caesar's Arena, Comerica Park and Ford Field – the Central Business District, Corktown, Motor City Casino and MGM Grand Casino, Beacon Park is centrally located within quick walking distance to many of Detroit's largest sports and entertainment venues.
The park's immediate impact will be felt in the number of visitors each year. Through a grant from the DTE Energy Foundation, more than 600 events will be planned for Beacon Park in 2017 by the Downtown Detroit Partnership (DDP), which expects that the public space will attract one million visitors each year. Nearly 50 events are planned for Beacon Park's Grand Opening weekend, July 20-23.
"Safe and vibrant gathering places are the social and economic heartbeat of a thriving core, and Beacon Park expands the energy of renewal permeating downtown," said DDP CEO Eric Larson. "The Downtown Detroit Partnership is thrilled to partner with DTE Energy to add Beacon Park to the portfolio of the great public spaces we program, maintain and manage."
DDP has scheduled a stellar lineup for the grand opening weekend. In addition to live music throughout the weekend, each day will feature special activities, including after-work parties on Thursday and Friday, a night market on Saturday featuring 25 unique boutiques and a gospel brunch followed by classical music on Sunday. Family activities, from inflatable games to a movie night, make the fun accessible for everyone.
Grand Opening live entertainment includes indie sensation Lord Huron, American funk and soul band Robert Randolph & the Family Band as well as plena and bomba group Plena Libre. Impulse: An Interactive Art Exhibit will be on display at Beacon Park for the entire grand opening weekend. The work is comprised of giant illuminated seesaws that light up when ridden by visitors. Detroit is only the third city in the country to host the playful exhibit, which has primarily toured in Europe. According to the artists that created the exhibit, the seesaws are fitted with LED lights and speakers that produce a sequence of lights and sounds resulting in ever changing composition.
Visit DTE Energy's blog, Empowering Michigan, for a full listing of the weekend activities.
Grand Opening Highlights:
Thursday, July 20
Friday, July 21
Saturday, July 22
Sunday, July 23
All Weekend
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
SOURCE DTE Energy
ANN ARBOR, Mich., May 25, 2017 /PRNewswire/ -- DTE Biomass Energy today announced it has acquired two landfill gas-to-energy projects in Texas, purchasing both the operating Fort Bend Power Producers, LLC facility just outside of Rosenberg and the Seabreeze landfill gas development project in Angleton. Construction of the Seabreeze plant is expected to commence next month.
Fort Bend and Seabreeze bring the number of landfill gas-to-energy projects DTE operates in Texas to three and gives DTE five facilities enterprise-wide which convert landfill gas to pipeline-quality renewable natural gas (RNG).
The RNG produced at the Fort Bend project is derived from landfill gas which is then ultimately processed to pipeline-quality standards. This low-carbon fuel is extremely versatile and fully compatible with the U.S. natural gas infrastructure. Today RNG is primarily used to power compressed natural gas and liquefied natural gas vehicles, offsetting the use of fossil-based fuel. The purchase is consistent with DTE's recently announced, broad sustainability initiative to help address climate change.
"These landfill gas-to-energy projects support our continued commitment to renewable energy and growing interest in supplying the renewable vehicle fuels market," said DTE Biomass President Mark Cousino. "We see an increasing demand for natural gas powered vehicles - and RNG production provides a clean, sustainable fuel source with the benefit of reduced emissions over standard fuel."
Constructed in 2013, the Fort Bend facility generates enough RNG to supply fuel for 560 diesel transit buses annually. Later this year, DTE will increase the output of the project by expanding the plant's capacity to generate enough RNG to fuel over 1,000 diesel transit buses. Forecast to reach commercial operations in the fourth quarter of this year, the Seabreeze facility is expected to produce a similar volume.
The plants' economic and environmental benefits are significant. The projects reduce greenhouse gas by collecting and destroying landfill gas which, according to the EPA, is 25 times more harmful to the environment than carbon dioxide. It also creates jobs and delivers a proven and cost-effective renewable energy source.
Nationwide, DTE's landfill gas portfolio includes:
DTE Biomass Energy, an Ann Arbor, Michigan based subsidiary of DTE Energy, is a national leader in the landfill gas industry, with a diverse operating portfolio of 21 projects spanning eight states.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
SOURCE DTE Energy
DETROIT, May 24, 2017 /PRNewswire/ -- Just in time for rising temperatures, DTE Energy customers will see lower energy prices beginning in June. Rates for the average residential electric customer will decrease nearly 2 percent per month.
"We're pleased to be able to provide this savings to customers, especially at a time when their energy usage will increase over the summer months. As always, we encourage customers to take advantage of the energy savings tips we offer," said Trevor F. Lauer, president and COO, DTE Electric.
Energy prices for DTE's industrial customers are declining approximately 3 percent, and are going down about 1.5 percent for commercial customers, effective June 1.
DTE also provides customers information to ensure their homes are energy efficient. Tips to beat the summer heat include:
For more tips, visit dteenergy.com/summer. For more details on how to read your energy bill, visit dteenergy.com/newbill.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, May 16, 2017 /PRNewswire/ -- DTE Energy today announced a broad sustainability initiative that will reduce the company's carbon emissions by more than 80 percent by 2050. This reduction and 2050 timeframe align with the target scientists broadly have identified as necessary to help address climate change.
"Over the past two years we have studied the engineering and economics of Michigan's energy future very, very carefully," said Gerry Anderson, DTE Chairman and CEO. "We have concluded that not only is the 80 percent reduction goal achievable – it is achievable in a way that keeps Michigan's power affordable and reliable. There doesn't have to be a choice between the health of our environment or the health of our economy; we can achieve both."
DTE's efforts to cut its carbon emissions will garner a 30 percent reduction by the early 2020s, 45 percent by 2030, 75 percent by 2040 and more than 80 percent by 2050. The company will achieve these reductions by incorporating substantially more renewable energy, transitioning its 24/7 power sources from coal to natural gas, continuing to operate its zero-emission Fermi 2 power plant, and strengthening options for customers to save energy and reduce bills.
These plans define a long-term shift by DTE to produce over three-quarters of its power from renewable energy and highly efficient natural gas-fired power plants.
"I want to be clear that this plan is more than a commitment to a long-term goal in 2050," Anderson said. "We have already begun fundamental transformation in the way we produce power, and we will press that transformation forward steadily in the years and decades ahead, sharply improving environmental outcomes in the process."
DTE's plans include:
"We need to lead by example by reducing water and energy use at DTE as we work with customers to do the same," Anderson said.
Previously, DTE retired three of its coal-fired power plants – the Marysville, Harbor Beach and Conners Creek plants. In 2016, three additional coal-fired generating units at plants also were removed from service. This process of retiring coal-fired power capacity will continue with the retirement of the River Rouge, Trenton Channel and St. Clair power plants in the early 2020s.
Since 2009, DTE has spearheaded more than $2 billion of investment in wind and solar resources. The solar project DTE recently completed in Lapeer, Mich., is among the largest solar fields east of the Mississippi River.
"The transformation of the way we produce power is in full swing," said Anderson. "Like all big transformations, this one won't happen overnight. It needs to be planned carefully and will entail big investments, but that can absolutely be done. We are committed to accomplishing this within the timeframe scientists have laid out, and in a way that works for Michigan's economy, homeowners and businesses."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, May 11, 2017 /PRNewswire/ -- DTE Energy today announced it has partnered with acclaimed restaurateurs Norm and Bonnie LePage to operate the restaurant that will anchor the company's new public park, located at Cass Avenue and Grand River, and adjacent to DTE Energy Headquarters. The restaurant, currently under construction, will open this fall.
The restaurant will be the first foray into the Detroit restaurant scene for the LePages who have been operating eateries in Southeast Michigan for more than four decades. It will join the LePage's other signature restaurants – Clubhouse BFD in Rochester Hills (owned by son, Scott LePage), Big Rock Chop House and Griffin Claw in Birmingham.
"We're so pleased that the LePage family is partnering with us on this restaurant," said DTE Energy Chairman and CEO Gerry Anderson. "They bring decades of experience in operating distinctive restaurant concepts in southeastern Michigan. The LePage family's culinary point-of-view will complement the iconic architecture and ambience of this restaurant."
The restaurant features:
Award-winning architectural firm, Touloukian Touloukian, Inc., is leading the construction of the rooftop's green restaurant space; interior and patio design is by Victor Saroki; and Kelly Building Co. is performing the build out of the space.
"There are so many amazing things happening in Detroit right now and we are very excited to be part of it and to bring our restaurant concept to DTE's new public park," said Norm LePage. "It's been an honor to work with DTE on this project to help create the ultimate outdoor entertainment experience, and of course a special focus on quality food and service."
DTE's new park is centrally located between the entertainment district, home of Little Caesar's Arena and Comerica Park, the Central Business District, Cork Town, and MGM Grand Casino. The park, programmed and operated by the Downtown Detroit Partnership, will open for play in July.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
About Norm and Bonnie LePage
For over four decades, renowned restaurateurs, Norman and Bonnie LePage have welcomed guests into their neighborhood restaurants where the focus has always been on providing quality food and an exceptional dining experience. The family currently oversees operations for Clubhouse BFD in Rochester Hills, a craft beer bar; popular Big Rock Chophouse and Got Rocks Diamond Crown Cigar Lounge, a four star restaurant with an upstairs cigar bar, located in Birmingham's historic train station; The Reserve, an exclusive banquet facility located on the grounds of Big Rock Chophouse; and Griffin Claw Brewing Company in Birmingham, a 12,000-square-foot brewing and distributing facility with a taproom that opened in 2013 and is scheduled to open a second location in Rochester Hills in Fall of 2017.
SOURCE DTE Energy
DETROIT, May 8, 2017 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.825 per share dividend on its common stock payable July 15, 2017, to shareholders of record at the close of business June 19, 2017.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, May 3, 2017 /PRNewswire/ -- For the second consecutive year, DTE Energy received the American Gas Association's (AGA) Safety Achievement Award for excellence in employee safety.
The award, based on safety results in 2016, recognizes companies that have the lowest number of employee injuries and illnesses as measured by the Federal Occupational Safety and Health Administration (OSHA).
"Winning the award two consecutive years is a reflection of our employees' safety-first mindset, which is continually reinforced with the help of strong support from our union leadership," said Joi Harris, vice president, Gas Operations, DTE Energy.
"The safer our employees work, the safer it is for their colleagues, our customers and the public. We refer to that as being 200 percent accountable for safety."
By focusing on safety first, DTE's natural gas employees experienced a 62-percent decline in recordable injuries from 2014 through 2016.
"Safety is at the core of the service natural gas utilities provide," said Dave McCurdy, president and CEO at AGA. "The men and women who operate America's natural gas delivery systems play a critical role in safely delivering this clean energy source to the more than 69 million customers who rely on it each day. We have always stood for these values and an unending commitment to service. I applaud this year's recipients and commend them for their dedication to safety in their communities."
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy/.
SOURCE DTE Energy
DETROIT, April 26, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported first quarter 2017 earnings of $400 million, or $2.23 per diluted share, compared with $247 million, or $1.37 per diluted share in 2016. Reported earnings were higher driven in large part by DTE Energy's businesses outside of its utilities. The combined reported earnings at the utilities were flat.
Operating earnings for the first quarter 2017 were $322 million, or $1.79 per diluted share, compared with 2016 operating earnings of $274 million, or $1.52 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations and are reconciled to Reported earnings, prepared in accordance with generally accepted accounting principles (GAAP), at the end of this news release.
The company experienced the largest weather event in its more than 100-year history in early March when unseasonably warm temperatures combined with sustained tropical storm force winds gusting to 70 mph pounded Michigan for 12 hours. With 800,000 customers impacted, thousands of DTE employees along with out-of-state crews from seven states worked around the clock to restore customers.
"Given the size of this wind storm, I couldn't be more proud of our employees and the out-of-state crews who worked so hard to restore power to our customers. We will continue to make investments to strengthen and automate our system to prevent future outages and improve the speed of our restoration efforts for customers," said Gerry Anderson, DTE chairman and CEO.
Anderson also noted the following recent company accomplishments:
Outlook for 2017
DTE reiterated its 2017 operating earnings per share guidance of $5.15 - $5.46.
"While our winter was warmer than expected and we experienced a historic wind storm, our continued focus on operational cost savings will allow us to achieve our financial goals and improve service levels for our customers," said Peter Oleksiak, DTE Energy senior vice president and CFO.
This earnings announcement and the presentation slides are available at www.dteenergy.com/investors.
DTE Energy plans to conduct a conference call with the investment community hosted by Anderson at 9 a.m. ET today to discuss first quarter 2017 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or International toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors. An audio replay of the call will be available from noon today to May 10, 2017. To access the replay, dial US and Canada toll free (888) 203-1112 or International toll (719) 457-0820 and enter passcode 9327084.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2017 operating earnings guidance. It is likely that certain items that impact the company's 2017 reported results will be excluded from operating results. Reconciliations to the comparable 2017 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market movements and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "projected," "aspiration" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, cyber crime and terrorism; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; implementation of new information systems; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2016 Form 10-K and 2017 Form 10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company | |||||||
Consolidated Statements of Operations (Unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2017 |
2016 | ||||||
(In millions, except per share amounts) | |||||||
Operating Revenues |
|||||||
Utility operations |
$ |
1,718 |
$ |
1,664 |
|||
Non-utility operations |
1,518 |
902 |
|||||
3,236 |
2,566 |
||||||
Operating Expenses |
|||||||
Fuel, purchased power, and gas — utility |
529 |
565 |
|||||
Fuel, purchased power, and gas — non-utility |
1,180 |
776 |
|||||
Operation and maintenance |
600 |
516 |
|||||
Depreciation and amortization |
249 |
229 |
|||||
Taxes other than income |
109 |
99 |
|||||
2,667 |
2,185 |
||||||
Operating Income |
569 |
381 |
|||||
Other (Income) and Deductions |
|||||||
Interest expense |
125 |
113 |
|||||
Interest income |
(3) |
(11) |
|||||
Other income |
(64) |
(52) |
|||||
Other expenses |
7 |
8 |
|||||
65 |
58 |
||||||
Income Before Income Taxes |
504 |
323 |
|||||
Income Tax Expense |
110 |
83 |
|||||
Net Income |
394 |
240 |
|||||
Less: Net Loss Attributable to Noncontrolling Interests |
(6) |
(7) |
|||||
Net Income Attributable to DTE Energy Company |
$ |
400 |
$ |
247 |
|||
Basic Earnings per Common Share |
|||||||
Net Income Attributable to DTE Energy Company |
$ |
2.23 |
$ |
1.38 |
|||
Diluted Earnings per Common Share |
|||||||
Net Income Attributable to DTE Energy Company |
$ |
2.23 |
$ |
1.37 |
|||
Weighted Average Common Shares Outstanding |
|||||||
Basic |
179 |
179 |
|||||
Diluted |
179 |
180 |
|||||
Dividends Declared per Common Share |
$ |
0.825 |
$ |
0.73 |
|||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
106 |
$ |
— |
$ |
106 |
$ |
127 |
$ |
— |
$ |
127 |
|||||||||||||
DTE Gas |
107 |
— |
107 |
87 |
— |
87 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
45 |
— |
45 |
30 |
— |
30 |
|||||||||||||||||||
Power and Industrial Projects |
30 |
— |
30 |
17 |
4 |
B |
21 |
||||||||||||||||||
Energy Trading |
96 |
(78) |
A |
18 |
(7) |
23 |
A |
16 |
|||||||||||||||||
Total Non-utility operations |
171 |
(78) |
93 |
40 |
27 |
67 |
|||||||||||||||||||
Corporate and Other |
16 |
— |
16 |
(7) |
— |
(7) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
400 |
$ |
(78) |
$ |
322 |
$ |
247 |
$ |
27 |
$ |
274 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $50M in 2017 and $15M in 2016) | |||||||||||||||||||||||||
B) Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments (net of tax $2M) |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2017 |
2016 | ||||||||||||||||||||||||
Reported |
Adjustments(1) |
Operating |
Reported |
Adjustments(1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
0.59 |
$ |
— |
$ |
0.59 |
$ |
0.71 |
$ |
— |
$ |
0.71 |
|||||||||||||
DTE Gas |
0.60 |
— |
0.60 |
0.48 |
— |
0.48 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.25 |
— |
0.25 |
0.17 |
— |
0.17 |
|||||||||||||||||||
Power and Industrial Projects |
0.17 |
— |
0.17 |
0.09 |
0.02 |
B |
0.11 |
||||||||||||||||||
Energy Trading |
0.53 |
(0.44) |
A |
0.09 |
(0.04) |
0.13 |
A |
0.09 |
|||||||||||||||||
Total Non-utility operations |
0.95 |
(0.44) |
0.51 |
0.22 |
0.15 |
0.37 |
|||||||||||||||||||
Corporate and Other |
0.09 |
— |
0.09 |
(0.04) |
— |
(0.04) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
2.23 |
$ |
(0.44) |
$ |
1.79 |
$ |
1.37 |
$ |
0.15 |
$ |
1.52 |
|||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||||||
Adjustments key — see previous page |
SOURCE DTE Energy
DETROIT, April 13, 2017 /PRNewswire/ -- DTE Energy customers will see the cost of natural gas drop in their April gas bills nearly 9 percent, due to the downward trend of natural gas prices. The company passes any savings it realizes on natural gas costs directly to its customers.
DTE Energy lowered the gas rate – the market price it pays for the natural gas its customers use – by 8.8 percent effective April 1 to $3.23 per thousand cubic feet from $3.54, generating savings for both business and residential customers.
Natural gas prices have fallen steadily since 2008 as domestic production increased from newfound sources, and DTE's efforts to store natural gas when prices are at their lowest has allowed the company to keep rates low and stable even during high usage months over the winter.
Over the last 10 years, residential customers' overall natural gas bills have dropped by 27 percent, or about $300 annually, as the cost for the natural gas DTE buys has declined. During that 10-year period, DTE Gas customers have seen declines in natural gas cost every year except a slight uptick in 2014 caused by the polar vortex.
"We take pride in purchase strategies that effectively manage the price our customers pay," said Mark Stiers, DTE Gas president and chief operating officer. "We charge customers only the price we pay for gas, and when those costs are lowered, we pass those savings on to our customers."
This season's gas energy costs were roughly comparable to the 2015-2016 winter season, although slightly increased because of weather. However, when compared to typical winter weather, bills for the season were lower. Even though the winter heating season is nearing its end, residential and business customers will continue to save when they use their gas appliances and equipment.
Customers can find the cost of gas on their bills under the Gas Cost Recovery (GCR) line item.
DTE uses Michigan's unique geology to purchase large quantities of natural gas and store it underground until it is needed, allowing the company to avoid purchasing gas at higher rates during the winter when demand is at its peak.
DTE natural gas customers' bills are reflective of three key variables – the cost of the natural gas used by customers, the amount of natural gas used and the severity of the weather, which impacts energy use.
"We continuously work to make our operations more efficient in an effort to keep energy affordable for our customers," Stiers said. "Our customers can also better manage their energy bills by saving energy through a number of our low- and no-cost energy-efficiency tips."
Customers can find more information on how to save energy by going to dteenergy.com/saveenergy. To better understand the components of your bill, watch our new animated bill video at bit.ly/ReadABill.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, April 12, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) will announce its first quarter 2017 earnings before the market opens Wednesday, April 26, 2017.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4377 or international toll: (719) 325-2390. The passcode is 9327084. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, April 4, 2017 /PRNewswire/ -- Adults with autism have one of the highest unemployment rates when compared to their peers with other disabilities. Adults on the spectrum, like all adults, want meaningful work, yet only 16 percent are employed full-time. Of these, many are working beneath their skills set. Throughout the month of April – proclaimed as Autism Awareness month - the Autism Alliance of Michigan (AAoM) is working to increase economic opportunities for adults with autism by promoting the value this population can bring employers and the greater community.
"There are so many myths and preconceived notions surrounding autism, but when given the right opportunities and support these individuals consistently blow away expectations," said Colleen Allen, President and CEO of the Autism Alliance for Michigan. "April, being Autism Awareness Month, is our time of year to reflect on not only reform efforts and progress we've made across the state, but also to draw attention to the many challenges that still face individuals with autism and their families. We may be placing engineers in jobs, and at the same time, assisting a family in crisis find the best psychiatric care."
In just a little more than five years, the AAoM has made great progress helping Michigan families.
"Individuals with autism have so many of the skills today's businesses are looking for, but are often not given the same opportunities," said Dave Meador, Vice Chairman and Chief Administrative Officer, DTE Energy. "Providing the right employment opportunities allows these talented individuals to have significant impact on both an organization and its employees, creating a more open and accepting society. Hiring a neuro-diverse workforce isn't just good for the autism community; it's good for business."
DTE Energy is a long-time advocate for families and individuals impacted by autism, as is Lt. Gov. Brian Calley, who has worked tirelessly to increase access to autism services and promote inclusion in schools and communities for people with developmental differences.
"We have made so much progress toward improving access to autism services in Michigan, yet there is still so much work to be done to help this population achieve their potential and live self-determined, independent lives," Calley said. "We need to think beyond awareness, and focus on acceptance. Autism is not something to be 'fixed' or solved.' We need to accept our neighbors, coworkers, friends and family members with autism, and give them the support they need to live up to their potential."
Both Calley and Meador have daughters on the autism spectrum and are long time champions for high expectations and full inclusion. Their work spans early childhood diagnosis and access to therapies, to revamping special education in Michigan, safety initiatives, employment, and housing.
Over nearly more than seven years, AAoM's work has impacted and helped thousands of Michigan families in need of resources and support. To date, AAoM has consulted with over 65 self-funded companies to secure autism benefits for their employees. Additionally, AAoM has provide autism trainings to more than 16,000 first responders across Michigan, making our communities a safer, more inclusive place to live.
About Autism Alliance of Michigan
The Autism Alliance of Michigan (www.aaomi.org) is a non-profit organization whose mission is to lead unprecedented collaboration to improve the quality of life for individuals with autism and their loved ones through education, access to comprehensive services, coordinated advocacy, dedication to community, and navigation.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, Feb. 24, 2017 /PRNewswire/ -- Over its 33-year history, the DTE Energy Foundation -- the philanthropic arm of DTE Energy (NYSE: DTE) -- has continuously strengthened its support for Michigan, its communities and its residents. In 2016, the Foundation awarded $15 million in charitable grants to more than 360 nonprofit organizations throughout the state.
"The DTE Energy Foundation believes in creating positive change in communities and neighborhoods by providing essential support for large-scale and local-level efforts to ensure thriving, prosperous communities throughout Michigan," said Faye Nelson, vice president, DTE Energy, and board chair and president of the DTE Energy Foundation. "Our support provides nonprofits with critical operational and programmatic stability that enables children, families and communities to grow and flourish."
In Southeast Michigan, the Foundation has continued to help shape the revitalization efforts of Detroit, and provided critical support during times of need in the surrounding metro-communities. Of the more than 560 grants that were gifted throughout Michigan communities in 2016, a few notable gifts include the following.
In Greater Michigan, the Foundation increased its overall support by nearly 40 percent for initiatives focused on education and employment, the environment, economic progress and basic needs.
Throughout Michigan, the Foundation continued its support for:
"As the economy continues to strengthen, our focus remains on how we can best support the revitalization and sustainability of the communities we serve, and how we can continue to make a positive and lasting impact on the quality of life for children and residents," Nelson said.
About the DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy, continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.2 million electric customers in Southeast Michigan and 1.3 million natural gas customers in Michigan. In 2015, the DTE Energy Foundation provided $15 million in grant support to nonprofits throughout the company's service territories. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress.
SOURCE DTE Energy Foundation
DETROIT, Feb. 9, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported 2016 earnings of $868 million, or $4.83 per diluted share, compared with $727 million, or $4.05 per diluted share in 2015. Reported 2016 earnings were higher primarily driven by weather, with the region experiencing a long, hot summer.
2016 operating earnings were $948 million or $5.28 per diluted share, compared with 2015 operating earnings of $863 million, or $4.82 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"2016 was a great year for DTE. We had solid financial performance and made significant progress on many other fronts. Legislation was passed that secures Michigan's energy future, we had the safest year in our more than 150-year history, and we added a major new acquisition to our Gas Storage & Pipelines business. These events are significant for our company, our customers and our state's future," said Gerry Anderson, DTE Energy chairman and CEO.
"Our transition to cleaner sources of energy is in full swing. Our infrastructure investments have significantly improved reliability. We're leveraging programs to invest in the communities where we live and serve, and are focused on providing top-tier customer service. These are a few of the many ways we've continued our journey to become the best operated energy company in North America," Anderson added.
DTE finishes 2016 strong and reaffirms EPS guidance for 2017
DTE Energy reaffirmed 2017 operating EPS guidance of $5.15 to $5.46, which was provided last November.
"DTE performed well in 2016, exceeding our financial goals, due primarily to the warmer than normal summer," said Peter Oleksiak, DTE Energy senior vice president and CFO. "We continued to control costs to keep bills affordable for our customers. At the same time, we continued to see growth in development projects in our non-utility businesses, contributing to favorable financial results."
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (800) 533-7619 or international toll: (785) 830-1923. The passcode is 3807152. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, Feb. 23. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 3807152.
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2017 operating earnings guidance. It is likely that certain items that impact the company's 2017 reported results will be excluded from operating results. Reconciliations to the comparable 2017 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market movements and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "projected," "aspiration" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant construction projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, cyber-crime and terrorism; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; implementation of new information systems; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This release should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric Form 2016 Form 10-K (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company |
|||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||
Three Months Ended |
Twelve Months Ended | ||||||||||||||
December 31, |
December 31, | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Operating Revenues |
|||||||||||||||
Utility operations |
$ |
1,650 |
$ |
1,512 |
$ |
6,497 |
$ |
6,238 |
|||||||
Non-utility operations |
1,224 |
975 |
4,133 |
4,099 |
|||||||||||
2,874 |
2,487 |
10,630 |
10,337 |
||||||||||||
Operating Expenses |
|||||||||||||||
Fuel, purchased power, and gas — utility |
486 |
496 |
1,968 |
2,081 |
|||||||||||
Fuel, purchased power, and gas — non-utility |
1,035 |
833 |
3,562 |
3,481 |
|||||||||||
Operation and maintenance |
682 |
618 |
2,302 |
2,214 |
|||||||||||
Depreciation and amortization |
274 |
227 |
976 |
852 |
|||||||||||
Taxes other than income |
88 |
82 |
370 |
364 |
|||||||||||
Asset (gains) losses and impairments, net |
8 |
97 |
7 |
106 |
|||||||||||
2,573 |
2,353 |
9,185 |
9,098 |
||||||||||||
Operating Income |
301 |
134 |
1,445 |
1,239 |
|||||||||||
Other (Income) and Deductions |
|||||||||||||||
Interest expense |
131 |
109 |
472 |
450 |
|||||||||||
Interest income |
(3) |
(3) |
(20) |
(13) |
|||||||||||
Other income |
(47) |
(54) |
(207) |
(209) |
|||||||||||
Other expenses |
68 |
25 |
95 |
61 |
|||||||||||
149 |
77 |
340 |
289 |
||||||||||||
Income Before Income Taxes |
152 |
57 |
1,105 |
950 |
|||||||||||
Income Tax Expense (Benefit) |
28 |
(20) |
271 |
230 |
|||||||||||
Net Income |
124 |
77 |
834 |
720 |
|||||||||||
Less: Net Loss Attributable to Noncontrolling Interests |
(7) |
(3) |
(34) |
(7) |
|||||||||||
Net Income Attributable to DTE Energy Company |
$ |
131 |
$ |
80 |
$ |
868 |
$ |
727 |
|||||||
Basic Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.73 |
$ |
0.45 |
$ |
4.84 |
$ |
4.05 |
|||||||
Diluted Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.73 |
$ |
0.45 |
$ |
4.83 |
$ |
4.05 |
|||||||
Weighted Average Common Shares Outstanding |
|||||||||||||||
Basic |
179 |
179 |
179 |
179 |
|||||||||||
Diluted |
179 |
180 |
179 |
179 |
|||||||||||
Dividends Declared per Common Share |
$ |
0.83 |
$ |
0.73 |
$ |
3.06 |
$ |
2.84 |
|||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income | |||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
75 |
$ |
— |
$ |
75 |
$ |
93 |
$ |
8 |
D |
$ |
101 |
||||||||||||
DTE Gas |
42 |
— |
42 |
39 |
— |
39 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
26 |
8 |
A |
34 |
28 |
— |
28 |
||||||||||||||||||
Power and Industrial Projects |
29 |
(7) |
B |
22 |
(57) |
69 |
B |
12 |
|||||||||||||||||
Energy Trading |
(11) |
10 |
C |
(1) |
(22) |
23 |
C |
1 |
|||||||||||||||||
Total Non-utility operations |
44 |
11 |
55 |
(51) |
92 |
41 |
|||||||||||||||||||
Corporate and Other |
(30) |
2 |
A |
(28) |
(1) |
— |
(1) |
||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
131 |
$ |
13 |
$ |
144 |
$ |
80 |
$ |
100 |
$ |
180 |
|||||||||||||
Adjustments key | ||||||||||||||||||||||||||
A) |
Transaction-related costs resulting from the acquisition of AGS & SGG, (net of tax of $6M) | |||||||||||||||||||||||||
B) |
Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments, (net of tax $10M in 2016 and $46M in 2015) | |||||||||||||||||||||||||
C) |
Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $7M in 2016 and $14M in 2015) | |||||||||||||||||||||||||
D) |
MPSC disallowance of tree trimming capital expenses (net of tax of $5M) |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share | |||||||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
0.42 |
$ |
— |
$ |
0.42 |
$ |
0.52 |
$ |
0.04 |
D |
$ |
0.56 |
||||||||||||
DTE Gas |
0.23 |
— |
0.23 |
0.22 |
— |
0.22 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.14 |
0.05 |
A |
0.19 |
0.16 |
— |
0.16 |
||||||||||||||||||
Power and Industrial Projects |
0.16 |
(0.04) |
B |
0.12 |
(0.32) |
0.39 |
B |
0.07 |
|||||||||||||||||
Energy Trading |
(0.06) |
0.06 |
C |
— |
(0.12) |
0.13 |
C |
0.01 |
|||||||||||||||||
Total Non-utility operations |
0.24 |
0.07 |
0.31 |
(0.28) |
0.52 |
0.24 |
|||||||||||||||||||
Corporate and Other |
(0.16) |
0.01 |
A |
(0.15) |
(0.01) |
— |
(0.01) |
||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.73 |
$ |
0.08 |
$ |
0.81 |
$ |
0.45 |
$ |
0.56 |
$ |
1.01 |
|||||||||||||
(1) |
Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations | |||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income | |||||||||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
622 |
$ |
— |
$ |
622 |
$ |
542 |
$ |
12 |
D |
$ |
562 |
||||||||||||
— |
8 |
E |
|||||||||||||||||||||||
DTE Gas |
138 |
— |
138 |
132 |
— |
132 |
|||||||||||||||||||
— |
|||||||||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
119 |
8 |
A |
127 |
107 |
— |
107 |
||||||||||||||||||
Power and Industrial Projects |
95 |
— |
95 |
16 |
69 |
B |
95 |
||||||||||||||||||
— |
10 |
F |
|||||||||||||||||||||||
Energy Trading |
(45) |
70 |
C |
25 |
(22) |
47 |
C |
15 |
|||||||||||||||||
— |
(10) |
G |
|||||||||||||||||||||||
Total Non-utility operations |
169 |
78 |
247 |
101 |
116 |
217 |
|||||||||||||||||||
Corporate and Other |
(61) |
2 |
A |
(59) |
(48) |
— |
(48) |
||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
868 |
$ |
80 |
$ |
948 |
$ |
727 |
$ |
136 |
$ |
863 |
|||||||||||||
Adjustments key | ||||||||||||||||||||||||||
A) |
Transaction-related costs resulting from the acquisition of AGS & SGG, (net of tax $7M) | |||||||||||||||||||||||||
B) |
Closure of Shenango coke battery due to impacts from downturn in North American steel industry - recorded in Operating Expenses - Asset (gains) losses and impairments, (net of tax of $46M) | |||||||||||||||||||||||||
C) |
Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $(45M) in 2016 and $29M in 2015) | |||||||||||||||||||||||||
D) |
MPSC disallowance of Fermi 2 related purchased power costs resulting from reduced output in 2012 and 2013 due to a pump failure - recorded in Operating Revenues - Utility operations, (net of tax of $7M) | |||||||||||||||||||||||||
E) |
MPSC disallowance of tree trimming capital expenses, (net of tax of $5M) | |||||||||||||||||||||||||
F) |
Contract termination resulting in the closure of a renewable power generating facility - recorded in Operating Expenses - Asset (gains) losses and impairments, (net of tax of $6 million) | |||||||||||||||||||||||||
G) |
Refund of natural gas pipeline demand charges as a result of a Federal Energy Regulatory Commission rate order - recorded in Operating Expenses - Fuel, purchased power, and gas - non-utility, (net of tax of $(6M)) |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share | |||||||||||||||||||||||||
Twelve Months Ended December 31, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments (1) |
Operating |
Reported |
Adjustments (1) |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
3.47 |
$ |
— |
$ |
3.47 |
$ |
3.02 |
$ |
0.07 |
D |
$ |
3.14 |
||||||||||||
— |
0.05 |
E |
|||||||||||||||||||||||
DTE Gas |
0.77 |
— |
0.77 |
0.73 |
— |
0.73 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.66 |
0.05 |
A |
0.71 |
0.60 |
— |
0.60 |
||||||||||||||||||
Power and Industrial Projects |
0.53 |
— |
0.53 |
0.09 |
0.05 |
B |
0.53 |
||||||||||||||||||
— |
0.39 |
F |
|||||||||||||||||||||||
Energy Trading |
(0.25) |
0.39 |
C |
0.14 |
(0.12) |
0.26 |
C |
0.09 |
|||||||||||||||||
— |
(0.05) |
G |
|||||||||||||||||||||||
Total Non-utility operations |
0.94 |
0.44 |
1.38 |
0.57 |
0.65 |
1.22 |
|||||||||||||||||||
Corporate and Other |
(0.35) |
0.01 |
A |
(0.34) |
(0.27) |
— |
(0.27) |
||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
4.83 |
$ |
0.45 |
$ |
5.28 |
$ |
4.05 |
$ |
0.77 |
$ |
4.82 |
|||||||||||||
(1) |
Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares outstanding, as noted on the Consolidated Statements of Operations | |||||||||||||||||||||||||
Adjustments key — see previous page |
SOURCE DTE Energy
DETROIT, Feb. 7, 2017 /PRNewswire/ -- DTE Energy customers will soon be able to reduce their carbon footprint while supporting clean energy sources. Starting in April, customers will have the opportunity to buy more of their power from wind and solar farms – two of the most affordable clean energy sources available - through MIGreenPower.
"Until now, customers who wanted to use more renewable energy were limited to installing their own solar panels or other renewable equipment at their homes or businesses – which requires a significant initial investment," said Irene Dimitry, vice president of Business Planning and Development, DTE Energy. "We also know that customers who rent apartments or live in condos may be unable to make any alterations to the exterior structure of the homes they live in. MIGreenPower is designed to address customer demand for a more flexible and affordable alternative."
Energy for the program will be sourced from the Pinnebog Wind Project, located in Huron County, and three solar arrays located in Detroit and Lapeer. By subscribing to MIGreenPower, customers can elect to increase the amount of renewable energy they use in 5 percent increments, up to 100 percent.
Selfridge Air National Guard Base, the nation's largest and most complex base operated by the Air National Guard located in southeast Michigan, has already expressed interest in being one of the program's early adopters.
"We are looking carefully at this program," said Brigadier General John Slocum, the Base Commander. "We think it can provide us with a means to meet our sustainability goals efficiently and economically. We are excited to know that DTE is bringing this type of opportunity to its customers in Michigan."
"This type of program further spreads awareness of the viability of renewable energy in a way that also makes sense for the energy bill," said Rob Threlkeld, GM's global manager of renewable energy. "We'll look at programs like this as we work to meet our goal of meeting the electricity needs of GM's global operations with 100 percent renewable energy by 2050."
Participation in this program is purely voluntary and is open to all of DTE's 2.2 million full service business and residential electric customers. Customers who want to participate in MIGreenPower will see a slight increase to their monthly bill depending on the level of renewable energy they select. For example, a typical residential customer who subscribes to an additional 25 percent renewable energy might see a net increase of as little as $5 per month to their bill while knowing they are helping to support Michigan's clean energy future. A calculator on the program website will help customers see how their monthly bill will change as well as the corresponding positive environmental impact. For more information on the program and the enrollment process, please visit dteenergy/MIGreenPower.com or call 855.613.4445.
DTE is Michigan's largest investor in renewable energy, including wind and solar, having driven investments of more than $2 billion in renewable energy since 2008. In 2016, more than 10 percent of the energy provided by DTE was generated from a renewable source in Michigan – enough clean generation to power nearly 450,000 homes. Today, DTE's renewable energy portfolio includes 13 wind parks and 28 solar arrays in Michigan.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility DTE serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
SOURCE DTE Energy
DETROIT, Feb. 3, 2017 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.825 per share dividend on its common stock payable April 15, 2017, to shareholders of record at the close of business March 20, 2017.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, Feb. 1, 2017 /PRNewswire/ -- The DTE Energy Foundation and Cranbrook Institute of Science today announced they have partnered to provide nearly 7,500 middle school students with hands-on, immersive STEM and environmental science outreach programs in Detroit, Ecorse, Trenton and River Rouge schools.
The new DTE People Power Place Outreach Initiative will help students develop important comprehension and skills in fields related to science, technology, engineering and mathematics (STEM). In 2016 the DTE Energy Foundation provided grant support over a three-year period, which allows Cranbrook educators to bring science to middle school students in grades six through eight.
"Supporting educational initiatives, especially in the areas of STEM, has always been a top priority of the DTE Energy Foundation," said Faye Nelson, vice president at DTE Energy and board chair and president of the DTE Energy Foundation. "By partnering with the Cranbrook Institute of Science, we're helping to bring enriching educational experiences for students in underserved areas, from world-class science experts that are based right here in our own backyard."
All programming includes hand-on opportunities using appropriate objects and artifacts from the Institute's collections to create unique classroom experiences that are Next Generation Science Standards (NGSS) aligned. This will provide students the opportunity to interact with actual oil shale, coal, and local bedrock to better understand geology, and witness the power of electricity by building their own simple circuits using light bulbs and buzzers.
"The DTE Energy Foundation and Cranbrook Institute of Science share a common mission in helping to make sure students are skilled in science and math," said Dr. Stafford, director, Cranbrook Institute of Science. "People Power Place gives us the chance to show students how exciting science is."
On February 1, from 10:30 am until 12:30 pm, Trevor Lauer, president and COO, DTE Electric, and Cranbrook Institute of Science Director Dr. Michael Stafford, will visit Boyd Arthurs Middle School in Trenton. While there, they'll participate in partnership programs focusing on geology and electricity being presented to students in grades 6 through 8.
About Cranbrook Institute of Science
Cranbrook Institute of Science, Michigan's Museum of Natural History, is part of the world-renowned Cranbrook Educational Community at 39221 Woodward Avenue in Bloomfield Hills, Michigan. The museum is open Tuesdays-Thursdays 10 am - 5 pm, Fridays and Saturdays 10 am - 10 pm, and Sundays noon - 4 pm. Regular admission is $13 for adults and $9.50 for children 2-12 and senior citizens (65+); children under 2 and members are admitted free. Courtesy of MASCO Corporation Foundation, admission is free after 5 pm on the first Friday of each month. Other Fridays and all Saturdays after 5 pm admission is reduced to $6.50 for adults and $5.50 for children 2-12 and senior citizens; children under 2 and members are admitted free. For more call (248) 645-3200 or visit http://science.cranbrook.edu.
About the DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy (NYSE: DTE), continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.2 million electric customers in Southeast Michigan and 1.2 million natural gas customers in Michigan. In 2016, the DTE Energy Foundation provided $15 million in grant support to nonprofits throughout the company's service territories. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 260 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. http://www.dteenergy.com/foundation
SOURCE DTE Energy Foundation
DETROIT, Jan. 26, 2017 /PRNewswire/ -- DTE Energy (NYSE:DTE) will announce its full year 2016 earnings before the market opens Thursday, Feb. 9, 2017.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (800) 533-7619 or international toll: (785) 830-1923. The passcode is 3807152. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, Jan. 25, 2017 /PRNewswire/ -- DTE Energy in 2016 spent more than $1.3 billion with Michigan-based companies, far exceeding its commitment to the Pure Michigan Business Connect (PMBC) local supplier initiative and its pledge to create new jobs in the state.
"Our efforts to shift our purchases to local suppliers began during the economic downturn in 2010," said DTE Chief Procurement Officer Anthony Tomczak. "Over the past six years, we have increased our spending with Michigan suppliers from $475 million in 2010 to $1.3 billion in 2016, far exceeding our initial targets. This represents a cumulative increase of $2.6 billion that has created more than 13,000 new jobs for Michigan workers over the lifetime of the program."
Highlights of DTE's partnership with Michigan-based vendors include:
DTE also made a commitment to support businesses within the city of Detroit, by increasing spending with Detroit-based suppliers, as well as with minority and women-owned businesses. DTE nearly quadrupled its investments in Detroit over the past six years and, in 2016, the company spent more than $300 million within the city.
Ideal Contracting, a DTE and Michigan-based supplier, added 75 new employees to support the work the company is performing at DTE's Monroe, Trenton and St Clair Power Plants. DTE spent $900,000 in 2015 and increased its spending with the company to $25 million in 2016. As a result of the increased work, Ideal Contracting now employs more than 100 full-time staff and an average of 250 skilled trade laborers.
"Working with DTE's leadership has helped Ideal Group companies grow and expand our footprint in the industry," said Loren Venegas, president, Ideal Group. "In addition to the Ideal Contracting expansion, DTE work is fueling expansion and growth for four other Ideal companies, growing our manufacturing and industrial materials management services at our Detroit Headquarters. DTE is also a great community-minded customer. We often find our companies working on the same community initiatives (Detroit Cristo Rey High School, FIRST LEGO League at Harms Elementary and Holy Redeemer, Southwest Detroit Environmental Vision's green infrastructure program) in Southwest Detroit. We are grateful for the DTE opportunities. The new jobs help many families and lift the region."
In addition to its Michigan and Detroit spending, DTE also is committed to developing a diverse, inclusive supply base. DTE's Supplier Diversity program is part of its overall business strategy to help the company – and the businesses that support them – succeed in an increasingly competitive environment. The company provides minority, women-owned and veteran-owned firms with advocacy, training, mentoring and business opportunities and development experiences. The company is also putting its dollars to work. Last year, DTE spent more than $410 million with certified diversity suppliers, representing nearly 20 percent of the company's overall spend.
DTE's efforts are being recognized. This past year, the company received several prestigious honors for its supplier diversity program which included:
"DTE works day-in and day-out to provide affordable, reliable service to our customers and it's even more rewarding when we deliver on this promise while investing in Michigan-based businesses," said Tomczak. "Working with our suppliers every step of the way allows both DTE and its partners to achieve great things. The collective efforts bring new businesses and jobs to the communities where we live and serve, while strengthening the vitality of our communities."
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dteenergy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, Jan. 23, 2017 /PRNewswire/ -- DTE Energy (NYSE: DTE) joined the Michigan Department of Transportation (MDOT) today to share results from a six-month partnership resulting in well-lit and safer Michigan roads.
In 2016, MDOT participated in DTE's Energy Efficiency Business Program, installed energy efficient LED lighting on a number of major Metro Detroit freeways, and reported a 65 percent reduction in energy use. The lighting upgrade is expected to save an estimated $2 million in energy costs in 2017 – a $2 million savings for Michigan residents.
"The State of Michigan is always looking for ways to use taxpayer dollars more effectively," said Lt. Gov. Brian Calley. "MDOT's partnership with DTE is a great example of how public/private partnerships continue to be a win-win for all Michiganders. It's great to see such positive results in just six months, and I look forward to seeing additional partnership and savings in the future."
In a ceremony today at MDOT's Detroit Operations Center, DTE Energy's Irene Dimitry, vice president of Business Planning and Development, presented a $1 million rebate check to MDOT to help offset the cost of the department's investment in energy efficiency improvements. Planning for this major freeway lighting project began April 2016 and installation of nearly 13,000 energy efficient LEDs was completed in November.
"We're pleased MDOT could take advantage of our energy efficiency program to not only make our roads brighter and safer, but also save energy costs," Dimitry said. "We encourage other businesses, government agencies and nonprofits to take advantage of our Energy Efficiency Business Program."
The project included:
"Partnerships are essential to upgrade freeway lighting to maximize and save taxpayer dollars," said Kirk T. Steudle, MDOT director. "We are grateful to our partners at DTE for including us in this incentive program because well-lit freeways offer greater safety and security for the motoring public."
DTE's energy efficiency programs save customers money, reduce energy waste and improve the environment – all while creating jobs and supporting local businesses throughout Michigan. The savings start from the moment customers install a high-efficiency light bulb or other energy efficiency upgrade. Customers benefit immediately from incentives and rebates, and from long-term savings on their energy bills.
As of 2015, DTE's business and residential customers participating in energy efficiency programs saved nearly $600 million while reducing energy waste and preserving the environment. DTE completed over 40,000 energy efficiency projects for more than 15,000 businesses resulting in $150 million savings.
Businesses interested in participating and saving can get more information about DTE's Energy Efficiency Business Program by calling 866.796.0512 (select option 3) or by visiting dteenergy.com/savenow.
To learn more about MDOT's innovative Public-Private Partnership to upgrade freeway lighting, visit www.michiganfreewaylighting.com.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, Jan. 18, 2017 /PRNewswire/ -- DTE Energy's investments in smart meters, smart technologies and overall infrastructure modernization have improved service quality, resulting in 70 percent more reliable power for customers in 2016 compared to 2014. These energy grid projects mark a milestone in a multi-year plan to provide reliable energy for customers while keeping rates below the national average.
DTE now has the ability to know the health of its electric system in real time, flag and correct equipment problems before an outage occurs and learn about outages instantaneously. New and upgraded substations also are allowing the company to serve more customers, making Southeast Michigan a smart choice for new and growing businesses.
"By taking actions to modernize our grid now, we are creating a smarter, more reliable system that will be prepared for Michigan's energy needs today and in the future," said Heather Rivard, senior vice president, Distribution Operations, DTE Energy.
DTE will continue its work throughout 2017 and beyond to assure customers are receiving safe, reliable, secure and affordable energy.
In 2016, DTE Energy:
"We made great progress in 2016, and hit substantial milestones, but our work is not done," said Rivard. "We are committed to implementing infrastructure upgrades that will result in stronger reliability and peace of mind for our customers."
Learn more about what DTE is doing to improve system reliability here.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
SOURCE DTE Energy
DETROIT, Dec. 22, 2016 /PRNewswire/ -- DTE Energy today announced it is donating $6 million to Michigan outreach agencies to help low-income residents across the state of Michigan stay safe and warm during extreme cold weather that has already affected many customers, even before the official start of winter. This donation is expected to help drive enrollment of nearly 7,000 customers in DTE's Low-Income Self Sufficiency Plan (LSP) payment program, which offers fixed monthly payments based on customer income and energy usage.
"We understand the challenges some of our customers face, especially during extreme weather, and we are committed to providing assistance to help lighten the load, especially during the holidays," said Mark W. Stiers, president and chief operating officer of DTE Gas, DTE Energy. "This $6 million donation will allow our agency partners to help many of our customers keep the heat and lights on during the upcoming holiday season and through the New Year."
The donations will be administered by The Heat and Warmth Fund and the United Way for Southeastern Michigan, and will provide relief to elderly, unemployed, underemployed and disabled DTE customers across Michigan who are struggling to pay their energy bills. The Accounting Aid Society will also receive a donation to help them provide financial counseling and tax preparation services to middle- to low-income households.
"With this new $3 million donation and DTE's continued commitment to delivering safe, reliable energy to families in need, THAW is even more empowered to help families stay safe and warm this winter," said Saunteel Jenkins, chief executive officer, THAW. "Michigan winters can be frigid, and at THAW, our goal is to assist as many residents as possible with basic human needs like heat and electricity."
This $6 million donation follows a $5 million donation that DTE made to THAW and the United Way for Southeastern Michigan earlier this year.
"This significant DTE contribution, on top of the $2.5 million donated earlier this year, allows United Way to widen its Basic Needs safety net to serve even more families and ensure that they are warm throughout the winter," said Herman Gray, president and CEO, United Way for Southeastern Michigan. "We are very grateful to DTE for their longstanding partnership that enhances our collective commitments to residents throughout Southeast Michigan."
More than 35,000 residents were enrolled in DTE Energy's LSP during the 2015-2016 program year, and DTE's goal is to enroll more than 45,000 in the program this year. Both agencies will be conducting enrollment until February 2017 for eligible individuals seeking utility assistance for the 2016 – 2017 program year, which runs through October 2017. Visit dteenergy.com/lsp for additional program information and for information about the LSP enrollment process.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com
SOURCE DTE Energy
DETROIT, Dec. 19, 2016 /PRNewswire/ -- This holiday season, the DTE Energy Foundation, the philanthropic arm of DTE Energy (NYSE: DTE), is donating $122,000 in grants to 10 agency partners across Michigan for its seventh annual Holiday Meals on Wheels program. With the Foundation support, about 500 DTE employees and their families will pack, serve and deliver nearly 18,000 meals to vulnerable senior citizens and homebound adults.
"The DTE Energy Foundation is proud to bring thousands of meals to our seniors, who appreciate the generosity of companies and employee volunteers such as ours to get a hot meal during the holidays, from Thanksgiving to New Year's," said Faye Nelson, vice president, DTE Energy, and board chair and president of the DTE Energy Foundation.
The Foundation's support funds the packing, serving and delivery of:
DTE Energy also is donating more than 16,000 gifts for seniors across the state to help them stay warm this winter.
"The Holiday Meals on Wheels program has become a tradition for many of our employees, their families and friends, and we are so appreciative of the time they give to spread holiday cheer. This signature program supports our aspiration to be a force for growth and prosperity in the communities where we live and serve," Nelson said.
About the DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy, continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.2 million electric customers in Southeast Michigan and 1.2 million natural gas customers in Michigan. In 2015, the DTE Energy Foundation provided $15 million in grant support to nonprofits throughout the company's service territories. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 260 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. http://www.dteenergy.com/foundation.
SOURCE DTE Energy Foundation
NEWPORT, Mich., Dec. 16, 2016 /PRNewswire/ -- DTE Energy's Fermi 2 Nuclear Power Plant received its renewed license from the Nuclear Regulatory Commission today, which permits the power plant to continue generating electricity until 2045.
"This is excellent news for Monroe County and Michigan," said Paul Fessler, senior vice president and Chief Nuclear Officer at Fermi 2. "Continued operation of Fermi 2 ensures a consistent supply of clean, safe energy for our customers. Fermi 2 is an important part of DTE's balanced approach to providing energy to the community."
The Nuclear Regulatory Commission approved the license renewal request after more than two years of extensive review of Fermi 2, DTE's only nuclear power plant. The original operating license for Fermi 2 would have expired March 20, 2025.
DTE Energy filed for the license renewal in April 2014.
Prior to the filing, DTE spent two years developing exhaustive technical and environmental studies.
In the time since the application was filed, the Nuclear Regulatory Commission has conducted in-depth evaluations of the submittal to ensure Fermi 2 will have the programs in place to operate safely until 2045.
Those reviews included audits of programs, plant inspections and public meetings to hear from neighbors of the plant.
"Fermi 2 does, and always will, keep safety as its top priority," Fessler said. "This was a multi-year process all for one reason: we and the NRC wanted to make sure Fermi 2 can continue to operate safely well into the future.
"We've shown that we can operate well into the future and we look forward to future decades of providing safe, reliable electricity to our customers and our community in Southeast Michigan," he said.
Fermi 2 earned its original operating license in 1985. The plant has produced more than 200 million megawatt-hours of energy during nearly 29 years of operation. Fermi 2 employs about 800 full-time workers and generates 1,170 megawatts.
"License renewal is a very cost-effective way to meet the continuing needs of residents and businesses in the region," Fessler said. "We're very proud to be a part of this community and honored that we'll be here for many more years to come."
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, Dec. 8, 2016 /PRNewswire/ -- The DTE Energy Board of Directors today announced that its 2017 Annual Meeting of Common Stock Shareholders will be Thursday, May 4.
Shareholders of record at the close of business March 7, 2017 are eligible to vote at the meeting. Shareholders interested in proposing business from the floor or nominating a person for the position of director from the floor must give notice and certain information to the DTE Energy corporate secretary by the close of business on Jan. 5, 2017.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 28, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) announced today that it has priced its offering of $280 million aggregate principal amount 2016 Series F 6 percent Junior Subordinated Debentures due Dec. 15, 2076. The use of proceeds will be used to redeem the Company's 2011 Series I 6.50 percent Junior Subordinated Debentures (NYSE: DTZ).
DTE Energy announced today the full redemption of all outstanding 2011 Series I 6.50 percent Junior Subordinated Debentures. The 2011 Series I 6.50 percent Junior Subordinated Debentures will be redeemed on Dec. 28, 2016. The redemption price is 100 percent of the unpaid principal amount of the 2011 Series I 6.50 percent Junior Subordinated Debentures, together with accrued and unpaid interest up to, but excluding, Dec. 28, 2016. The 2011 Series I 6.50 percent Junior Subordinated Debentures will be called for redemption in minimum denominations of $25 and in multiples of $25.
Holders owning 2011 Series I 6.50 percent Junior Subordinated Debentures through a broker, bank or other nominee should contact that party for information.
For more information, holders of the 2011 Series I 6.50 percent Junior Subordinated Debentures may contact the paying agent for the redemption: The Bank of New York Mellon Trust Company, N.A., Corporate Trust, 719 Griswold Street, Suite 930, Detroit, Michigan 48226, or by calling 800-254-2826.
FORWARD-LOOKING STATEMENTS
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the risks discussed in our public filings with the Securities and Exchange Commission ("SEC"). Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. Other factors that may impact our future results are contained in DTE Energy's 2015 Annual Report on Form 10-K and 2016 quarterly reports on Form 10-Q and other reports filed by DTE Energy with the SEC.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide.
Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 28, 2016 /PRNewswire/ -- DTE Energy Company (NYSE: DTE) announced today its intention to offer to sell, subject to market and other conditions, a new series of junior subordinated debentures due Dec. 1, 2076.
DTE Energy intends to use the net proceeds of the offering to redeem its 2011 Series I 6.50 percent junior subordinated debentures due 2061 of which $280 million aggregate principal amount are outstanding. This news release shall not constitute a notice of redemption of the 2011 Series I 6.50 percent junior subordinated debentures or an obligation to issue a notice of redemption.
BofA Merrill Lynch, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities will be joint book running managers for the offering.
The offering will be made under an effective shelf registration statement, as amended, filed with the U.S. Securities and Exchange Commission (SEC). This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated, Attn: Prospectus Department, 200 North College Street, NC1-004-03-43, Charlotte NC 28255-0001, (800) 294-1322, or J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attn: Investment Grade Syndicate Desk, 3rd Floor, (212) 834-4533, or UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, (888) 827-7275, or Wells Fargo Securities, LLC , Attn: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, NY 10152, (800) 645-3751.
FORWARD-LOOKING STATEMENTS
Certain information presented herein including regarding the intention to offer debentures and the use of proceeds are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "intend," "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the ability to consummate the transaction and the risks discussed in our public filings with the Securities and Exchange Commission ("SEC"). Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. Other factors that may impact our future results are contained in DTE Energy's 2015 Annual Report on Form 10-K and 2016 quarterly reports on Form 10-Q and other reports filed by DTE Energy with the SEC.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide.
Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 23, 2016 /PRNewswire/ -- As the holiday season gets underway, DTE Energy offers designer decorating tips to ensure customers' lights, trees and other decorations are festive, beautiful and – most importantly – safe.
While more than 86 percent of us decorate our homes to celebrate the holiday season, these traditions also increase the risk for fire and electric shock. According to the American Red Cross, more than 47,000 fires occur each year during the winter holidays.
In a series of videos, interior designer Mary Ann Bury shares decorating secrets and provides tips on safe tree decorating, holiday safety for kids and pets, and decorating vintage trees. She also gives information on safely storing holiday decorations after an enjoyable and festive holiday season.
For more information on electrical safety, visit our web site at dteenergy.com/safetycenter
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 23, 2016 /PRNewswire/ -- Each year in the U.S., unintentional carbon monoxide (CO) poisoning not linked to fires claims more than 400 lives, results in at least 20,000 visits to the emergency room, and hospitalizes more than 4,000, according to the Centers for Disease Control and Prevention.
As temperatures drop and Michiganders increase natural gas use to keep homes and businesses warm, the risk of CO poisoning rises. CO is an odorless, colorless, tasteless and hazardous gas that is produced by the incomplete combustion of fuels such as natural gas, propane, oil, gasoline and charcoal. CO can also result from improper ventilation of fuel-burning appliances, including furnaces.
The signs of carbon monoxide poisoning are much like those of the flu, including:
"Safety is our top priority at DTE Energy, and we urge residents to be particularly alert to carbon monoxide danger during the fall and winter heating season. It's when CO exposure most frequently occurs," said Brad Burcz, senior safety and health engineer, DTE Energy. "One of the best defenses against CO poisoning is to install a carbon monoxide alarm near all sleeping areas in your home. If dangerous levels of CO are detected, an audible alarm will alert you."
DTE offers the following tips to prevent CO poisoning in homes and businesses:
DTE natural gas customers who detect CO should call 800.947.5000 for assistance. Others should contact their natural gas provider or licensed heating and cooling professional immediately to have an emergency inspection performed. A fee may apply.
Learn more about sources of CO in your home.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 22, 2016 /PRNewswire/ -- When Gwen Hale, president and CEO of Reagan Mechanical, attended DTE Energy's first faith-based Supplier Immersion Day Summit at Fellowship Chapel in Detroit last December, she had just opened for business, had 10 people and $300,000 in revenue. Nearly a year later, Reagan Mechanical, a provider of process piping, HVAC controls and plumbing services, employs 20 people and is on her way to $8 million in revenue.
Hale credits Summits such as DTE's faith-based Supplier Immersion Day event in providing opportunities to companies like hers.
"DTE Energy is an innovator in assuring that women-owned, minority-owned and small businesses alike have tangible opportunities to bid on company contracts," said Hale. "As a woman and minority-owned business, contracts from companies such as DTE are integral to assuring my success. I look forward to more events like this in the future."
More than 100 Detroit and minority-based businesses attended the Supplier Immersion Day Summit. The event, which resulted in $2.5 million in minority contracts with DTE, advised business owners on how to do business with DTE, provided mentoring, and equipped business owners with tools to help them save on their energy bills. Working in collaboration with DTE were Rev. Wendell Anthony, pastor of the Fellowship Chapel and president, Detroit Branch NAACP; Bill Ross, president, Booker T. Washington Business Association; Bertram Marks, attorney and pastor, First Community Baptist Church; and Ken Harris, president and CEO, Michigan Black Chamber of Commerce.
"We're pleased with the success of the faith-based immersion day held at our Fellowship Chapel," Rev. Anthony said. "This program is a tremendous success on a number of fronts. I believe that progress begins with a sincere desire to make progress, not just by words, but through deeds."
DTE is pleased as well, according to Tony Tomczak, executive director, DTE Corporate Services and Corporate Procurement Officer. "We have more than tripled our Detroit business-spend over the past five years," Tomczak said. "So far this year, our company has spent $270 million through October with Detroit businesses − much of it as a result of our outreach through numerous supplier events held throughout the year."
DTE continues to invest heavily in Michigan-based suppliers − including Detroit-based and minority-owned businesses, Tomczak said.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
YPSILANTI, Mich., Nov. 18, 2016 /PRNewswire/ -- DTE Energy has completed installation of the largest solar array in the City of Ypsilanti. The array will provide enough clean energy to power approximately 150 homes.
The array has 2,520 solar panels, enough panels to nearly cover Eastern Michigan University's football field. Construction began in June 2016, and the array was commissioned in September.
"It is very exciting for us to mark the completion of another large-scale solar installation in southeast Michigan," said Irene Dimitry, vice president of business and development for DTE Energy. "DTE is proud to be the state's largest investor in solar and wind. Increasing our solar energy capacity is part of our long-term plan to move toward a cleaner, more diversified energy portfolio. We are also responding to customer interest in sourcing more energy from renewables."
The Ypsilanti array is located at the intersection of Clark Road and River Street on approximately five acres of land owned by Highland Cemetery. The topography of the property is such that the array is virtually unnoticeable from the main grounds.
"Highland Cemetery is pleased to have partnered with DTE on this solar array," said Barry LaRue, trustee, Highland Cemetery Association. "Not only does it increase the amount of alternative energy being generated in our community, but the income stream flowing to Highland will help us preserve one of the premier 19th century landscapes. We see it as a perfect melding of the past, present and future."
DTE is currently completing work on three additional large scale solar arrays in the cities of Detroit and Lapeer, expected to be completed in spring of 2017, bringing the number of DTE solar installations statewide to 31.
Since 2008, DTE has driven investments of $2 billion in renewable energy, approximately $73 million of which has been invested in solar energy. Today, DTE's renewable energy portfolio includes 12 wind parks and 28 solar arrays in Michigan. In 2015, more than 10 percent of the electricity provided by DTE was generated from a renewable source in Michigan – enough clean energy to power more than 400,000 homes.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
Photo - http://photos.prnewswire.com/prnh/20161117/440900
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 15, 2016 /PRNewswire/ -- DTE Energy has matched two economic development grants from the U.S. Economic Development Administration (EDA) to assist St. Clair County and the City of Harbor Beach redevelop property following retirements of DTE coal-fired power plants. The EDA granted $50,000 each to St. Clair and Harbor Beach. DTE matched each grant, contributing a total of $100,000 to help mitigate economic and social impacts of plant retirements in these two cities.
In June, DTE Energy announced it will retire three coal plants in Michigan by 2023, including the St. Clair Power Plant in East China Township, and replace this capacity with a mix of newer, more modern and cleaner sources of energy generation such as wind, solar and natural gas. DTE's Harbor Beach Power Plant was retired in 2013.
"DTE is fundamentally modernizing the way we produce energy for Michigan – shifting from aging coal-fired plants to cleaner energy sources," said DTE Energy President and COO Trevor Lauer. "We recognize these plants have served communities for decades, providing jobs and significant revenue for municipal and community services. These grants will help St. Clair and Harbor Beach identify potential solutions to reinvest in the community and generate new tax base."
As part of its commitment to ensure long-term reliability and produce cleaner energy for its customers, DTE Energy has plans to build state-of-the-art natural gas turbine plants to provide new energy generation. The company will invest between $1-1.5 billion in these new generating assets, expected to be completed between 2021 and 2023. The new energy generated will replace a portion of the capacity from three coal-fired plants DTE intends to retire by 2023.
The St. Clair Power Plant has been a critical piece of the East China Township and county tax base since going on line in 1953. DTE Energy's $50,000 match of the EDA's grant will help commission a comprehensive economic impact study for the St. Clair plant closure. The economic impact study will assess the economic value of the plant and recommend strategies for economic diversification and reinvestment.
The DTE Energy power plant in Harbor Beach was retired in 2013 after operating for nearly 50 years. DTE Energy's $50,000 match of the EDA's grant will help develop a comprehensive feasibility study for a local multipurpose space that could serve as a business start-up hub. The hub could take form as a co-working space or makerspace, and share resources with local, regional and state organizations to provide technical training and social support to entrepreneurs. The feasibility study will allow the community to have a clear pathway as to whether they should proceed and, if so, the framework for successful implementation.
DTE has made significant investments to support organizations that share its commitment to being a force for growth in Michigan by implementing programs to drive economic progress and revitalize communities. DTE Energy is a founding member of Pure Michigan Business Connect, and committed to spending an additional $5 billion with Michigan companies over the next five years.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 10, 2016 /PRNewswire/ -- DTE Energy today announced several senior executive appointments enterprise-wide, effective immediately.
David Johnson, vice president, Customer Service and Marketing, has been named senior vice president, Customer Service and Economic Development. Johnson joined DTE in 1999 and, in his new role, will lead DTE's strategic work in its 'customer centric' organization and improving customer satisfaction. Additionally, Johnson will lead the company's economic development efforts throughout the state, serving as a key partner to facilitate dialogue with businesses looking to locate in Michigan.
JoAnn Chavez, vice president and Chief Tax Officer, is named vice president, Legal and Chief Tax Officer. Chavez has been with DTE since 2007, and has led the Tax organization during that time. In her new role, Chavez will continue leading the Tax organization while also assuming oversight responsibility for the legal teams supporting DTE Corporate Services LLC and DTE Gas Storage and Pipelines.
Randall Rutkofske, executive director and General Counsel, DTE Electric, is named vice president, Legal – Utility Operations. Rutkofske is a 30-year veteran of DTE. During his career with DTE, Rutkofske has held positions in several key areas of the company, including Legal, Human Resources, and Operations. As vice president, Rutkofske will have oversight responsibility for the legal teams supporting DTE Electric and DTE Gas, as well as administration and technology.
"These leaders bring a breadth of experience and expertise to their roles, and their efforts have contributed to the company's success as an industry leader. I look forward to their future contributions – and the benefits our customers will see as a result of their work," said Jerry Norcia, president and chief operating officer, DTE Energy.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 4, 2016 /PRNewswire/ -- The DTE Energy Board of Directors today declared an $0.825 per share dividend on its common stock payable Jan. 15, 2017, to shareholders of record at the close of business Dec. 19, 2016.
This is a $0.055 per share − or 7.1 percent − increase from the previous quarterly dividend of $0.77 per share and reflects the Board's confidence in the company's growth plans. The new annualized dividend per share is $3.30, up from $3.08. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
"This increase reflects the company's strong and consistent performance," said Gerry Anderson, DTE Energy Chairman and CEO. "Over the past five years, DTE Energy has provided average annual dividend increases of more than 5 percent, giving investors confidence in our ability to consistently achieve the goals the company sets. The Board's approval of this increase signals confidence in the company's performance and long-term strategic plan."
In addition, DTE is targeting an annual dividend increase of approximately 7 percent through 2019 - higher than the 5.6 percent average dividend increase over the past five years. The targeted increases, which are subject to Board approval, are intended to bring DTE Energy's dividend payout ratio in line with industry peers.
"We recognize the value of our long history of dividend growth and the role it plays in delivering above-average shareholder returns. We're optimistic about the upcoming year and our longer-term outlook is strong," Anderson added.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 3, 2016 /PRNewswire/ -- DTE Energy is "energizing" the City of Detroit's Project Green Light program by offering thousands of dollars in "bonus" rebates to Detroit companies who install high-efficiency LED lighting and other energy-savings equipment at their businesses.
Detroit Mayor Mike Duggan, Police Chief James Craig and Trevor Lauer, president of DTE Electric, announced the new incentive program during an after-dark press conference at a Detroit Marathon gas station -- a participating Project Green Light business -- located on W. McNichols at Meyers on the city's northwest side.
Currently there are 52 Project Green Light businesses in operation. DTE's incentive program will reward new Green Light businesses that install energy efficient lighting and multiple energy efficiency upgrades, as well as use Michigan-made products. Under the program, qualifying Detroit-based businesses may receive:
"DTE has taken great pride in supporting organizations that share our commitment to neighborhoods by promoting safety and implementing programs to revitalize our community – and Project Green Light is just one more great example," said Lauer. "Our collaboration with the City of Detroit makes this program affordable to businesses, and continues efforts around keeping our neighborhoods safe and contributing to the City's remarkable comeback."
Mayor Duggan praised DTE for its partnership and its commitment to improving public safety.
"DTE's commitment to supporting Project Green Light through these incentives is another example of how businesses in this town are embracing this program," said Mayor Duggan. "Bright exterior lighting is one of the key elements of Project Green Light and DTE's program and a generous incentive program like this will make the decision to join the program even easier."
Project Green Light Detroit was launched by the City in January to improve safety at Detroit businesses, and has picked up significant momentum since the program's inception.
"Project Green Light continues to build momentum which translates into how we are revolutionizing the ways in which we deter, respond and solve crime, ultimately restoring a renewed sense of safety within our community," said Chief James Craig. "The continued support of our partners at DTE in this new initiative further affirms their commitment to ensuring the success and growth of this great city."
The following are examples of how the DTE Energy savings rebate program works:
Business example of program benefits: Gas Station |
|
Total project lighting installation without rebate: |
$15,000 |
Total rebates |
($5,724)* |
Project cost and investment after rebate: |
$9,267 |
Monthly payment for program installation: |
$260/month (0% Michigan Saves Financing) |
Program installation energy bill savings: |
$350 |
Positive monthly net |
+$90 |
*Rebates include: outdoor LED lighting; interior overhead LED lighting; refrigerated cooler LED lighting; refrigerated cooler motors, programmable thermostat; and other Michigan-made and DTE bonuses. | |
Business example of program benefits: Fast Food Restaurant | |
Total project lighting installation cost without rebate |
$19,000 |
Total rebates |
($7,707)* |
Project cost and investment after rebate |
$11,294 |
Monthly payment for program installation |
$320/month (0% Michigan Saves Financing) |
Monthly savings on energy bill |
$450 |
Positive monthly net |
+$130 |
*Rebates include: LED parking lot lights; interior overhead LED lighting; programmable thermostat; door/cooler gaskets; pre-rinse sprayers; and other Michigan-made and DTE bonuses | |
Businesses owners appreciate the DTE program because it also allows their businesses to be more environmentally friendly.
"The DTE lighting upgrade rebates allows small businesses like mine to be more energy efficient and provides a well-lit environment for our customers. It makes us doubly Green," said Nasser Beydoun, who owns several participating Project Green Light businesses, including the Marathon Station where the announcement was held.
In 2015, DTE's business and residential customers participating in energy efficiency programs saved nearly $600 million, while reducing energy waste and preserving the environment. DTE completed over 40,000 energy efficiency projects for more than 15,000 businesses resulting in $150 million savings.
Interested Detroit business owners can get more information on how to participate by calling 866.796.0512 (select option 3) for more program information.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 2, 2016 /PRNewswire/ -- DTE Energy today announced several senior executive appointments within its electric business, effective immediately.
Heather Rivard, vice president, Distribution Operations, is named senior vice president, Distribution Operations. Rivard, who has been with DTE since 1993, has served in several positions across the company and, since joining Distribution Operations in 2015, has played a key role in a multi-year investment strategy to improve reliability performance while reducing costs for customers. Throughout Rivard's tenure, the company has improved reliability of nearly 450 circuits and has continued this program in 2016. Rivard will continue to lead a multi-year effort to drive overall reliability performance and cost reduction, with plans to upgrade more than one third (1,300) of the company's total circuits (3,300) over the next four to five years.
Marco Bruzzano, vice president, Corporate Strategy, has been named vice president, Distribution Operations. Bruzzano joined DTE in 2008 after working broadly across the energy industry for nearly two decades, including roles with McKinsey and Booz Allen Hamilton advising global energy companies. In his new role, Bruzzano will focus on the company's multi-year effort to improve overall reliability, while reducing costs and keeping energy affordable for customers.
Frank Warren, vice president, Fossil Generation, is named senior vice president, Fossil Generation, the DTE business unit responsible for all of DTE's coal-fired power generation. Warren, who joined DTE in 2001, has been instrumental in planning for the generational portfolio transformation to address aging coal plant infrastructure, and the desire for clean energy sources. Warren will continue work on the more than decade-long transformation of the system.
Matthew Paul, executive director, Generation Optimization and Fuel Supply, is named to vice president, Plant Operations for the company's fossil generation business. In this role, Paul will be responsible for reshaping the aging fossil generation fleet into cleaner, renewable sources of energy, including natural gas generation. Paul's accomplishments in his previous role – including the re-alignment of resources within generation optimization to create efficiencies – will be critical in the company's generation shift over the next decade.
"As our business embarks upon the most significant change in more than 50 years, we need to ensure we have leaders who have the vision and ability to move the company into the future," said Jerry Norcia, president and chief operating officer, DTE Energy. "These leadership appointments allow us to focus on the future, resulting in cleaner, more affordable sources of energy for our customers – something they've asked for, and we're committed to delivering."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Photo - http://photos.prnewswire.com/prnh/20161102/435251
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Nov. 1, 2016 /PRNewswire/ -- More than 1.5 million people across Michigan, roughly 40 percent of households, are struggling to afford basic needs - including energy. As the cold weather sets in, DTE Energy and The Heat and Warmth Fund (THAW) are continuing their more than 30-year partnership to help increase awareness, and raise and distribute funds for the state's most vulnerable citizens throughout what is expected to be a cold winter season. The seventh annual Week of Warmth kicks off Sun., Nov. 6 and runs through Sat., Nov. 12.
"The funds raised during Week of Warmth not only go towards making sure that our low-income customers, many of whom are struggling to pay their bills, receive assistance in keeping the heat on during the cold winter months in Michigan, but also providing these customers with energy efficiency education and tips to help them reduce their energy use," said Dave Meador, vice chairman and chief administrative officer, DTE Energy. "DTE is committed to working with its customers to ensure they have the assistance they need throughout the year, and THAW is a key partner in making this happen."
DTE Energy is the presenting sponsor of the 7th Annual Week of Warmth, encompassing a series of events that include:
"Since 1985, THAW has distributed more than $173 million in energy assistance to over 232,000 Michigan households in need," said Saunteel Jenkins, CEO, The Heat and Warmth Fund. "The support THAW receives from individuals and key-partners like DTE Energy allows us to extend our reach and keep even more families and seniors from struggling to pay their energy bills."
Meador is among the honorary chairs of the Week of Warmth. Other honorary chairs include Detroit Mayor Mike Duggan; Wayne County Executive Warren Evans; and Oakland County Executive L. Brooks Patterson,
NextEra Energy is the platinum sponsor, and ITC Holdings Corp. and Strategic Staffing Solutions are diamond sponsors. Barton Malow Company, Miller Buckfire and Community Financial Credit Union are silver sponsors, and this year's media sponsor is HOUR magazine.
Donations to Week of Warmth can be made by visiting weekofwarmth.org.
In addition to its focus on Week of Warmth programing, DTE offers numerous year-round payment assistance programs, including the company's Low Income Self-Sufficiency Plan and Shutoff Protection Plan. Visit dteenergy.com/help for more information.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
About The Heat and Warmth Fund
The Heat And Warmth Fund (THAW), is an independent non-profit (501(c)(3) agency that provides utility assistance to Michigan residents in need and advocates for long-term solutions for affordable utility costs. Last year, THAW served over 10,000 Michigan households with $12 million in energy assistance. THAW was established in 1985 in order to improve the quality of life in Michigan and prevent human suffering by providing assistance to low-income individuals facing an energy crisis. Charity Navigator, America's premier independent charity evaluator, awarded THAW four out of a possible four stars for exceptional operations and stewardship of its mission. To learn more about THAW, make a donation or inquire about assistance, visit www.thawfund.org or call 1-800-866-8429 (THAW).
Photo - http://photos.prnewswire.com/prnh/20161101/434756
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 31, 2016 /PRNewswire/ -- DTE Energy recently heard from a natural gas customer in Grand Rapids, who told the company about an old trick without a treat.
The customer's father, in his 80s and living on his own, began complaining about the cost of his heating bill. At first his son thought his dad might be looking for something to complain about, but the more he compared his dad's heating bill with his own, he quickly realized his dad's bills were much higher.
Looking deeper into the bill he asked his dad about the high charges from his alternative gas supplier. To his surprise his dad had no idea he was getting natural gas from a different supplier. And he had no recollection of even talking to an alternative supplier, let alone signing up with one.
This is a common "trick" consumers should be aware of, also known as "slamming."
When it comes to purchasing natural gas, you do have a choice. Natural Gas Customer Choice is a voluntary program open to all customers, giving you the option to purchase your gas supply from DTE Energy or an Alternative Gas Supplier (AGS).
By choosing an AGS, you will receive natural gas at unregulated prices. It's your choice if you want to select an AGS or do nothing and continue to get your natural gas from DTE Energy under existing regulated rates. Even if you choose an alternative supplier, DTE Energy will continue to deliver natural gas to your home and the AGS charges will be included in your DTE bill.
As a DTE customer, here are some facts you should know about the Natural Gas Choice Program so you aren't tricked this heating season:
Like the true story of the Grand Rapids customer, there have been reports of people gaining access to customers' DTE gas account numbers and switching them to an AGS without their knowledge. If you believe you have been switched without your consent, contact the Michigan Public Service Commission (MPSC) to file a complaint.
You can learn more at dteenergy.com/gaschoice, and compare prices at the MPSC website, https://w2.lara.state.mi.us/GasChoice.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy/.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
WARREN, Mich., Oct. 28, 2016 /PRNewswire/ -- DTE Energy, the state's largest investor in renewable energy, has completed installation of a 900-kilowatt solar array at GM's Warren Transmission plant. The array is the largest solar installation at a GM site in Michigan and brings DTE's operational solar sites to 28. DTE has three additional large scale solar arrays under construction in the cities of Detroit and Lapeer.
"DTE is proud to be the state's largest investor in solar and wind, having driven investments of $2 billion since 2008," said Irene Dimitry, vice president of business and development for DTE Energy. "These investments are helping us reduce greenhouse gases while enabling DTE to continue delivering safe, affordable and reliable energy for our 2.2 million customers. We are excited to be here today to celebrate the completion of this project and our partnership with General Motors."
GM recently announced its commitment to meet the electricity needs of its global operations with 100 percent renewable energy by 2050. This goal is part of the company's overall approach to strengthening its business, improving communities and addressing its impact on the climate.
"By partnering with DTE on this solar array, GM is helping bring green energy options to the Warren community," said Rob Threlkeld, GM's global manager of renewable energy. "Projects like these help GM better serve society by reducing environmental impacts."
DTE owns the 2,862 panel-array, which was installed on 4.25 acres of a parking lot leased from GM Warren Transmission. The solar array will generate approximately 1.2 million kilowatt hours of electricity per year, the energy equivalent to powering the annual electricity needs of about 155 homes in southeast Michigan.
Today, DTE's renewable energy portfolio includes 12 wind parks and 28 solar arrays in Michigan. In 2015, more than 10 percent of the electricity provided by DTE was generated from a renewable source in Michigan – enough clean energy to power more than 400,000 homes.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
About General Motors Co.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
Photo - http://photos.prnewswire.com/prnh/20161027/433557
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 28, 2016 /PRNewswire/ -- With the approach of the Halloween holiday, DTE Energy reminds customers to stay safe around electricity, especially when walking along local roads and sidewalks.
While Halloween is enjoyable for children, more pedestrians under the age of 18 are killed or injured on October 31 than on any other day of the year and nearly 25 percent of those injuries occur between 6 p.m. and 7 p.m. These unfortunate incidents occur for a variety of reasons, but the potential for downed power lines provides another reason for caution.
"While we continue to invest in the electrical grid to make it stronger and more resilient, downed wires, due to vehicle accidents or damage from trees, are still a possibility," said Heather Rivard, senior vice president of Distribution Operations for DTE Energy. "That's why we urge customers to use extra caution, especially this time of year."
DTE Energy offers these six tips to help customers stay safe this Halloween.
"Safety is DTE Energy's most important priority," Rivard said. "By being aware of the potential risks and following some simple rules, we can all return home safely this Halloween night."
For more information, visit dteenergy.com/safetycenter
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and service nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility service 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial project, natural gas pipelines, gathering and storage and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 27, 2016 /PRNewswire/ -- DTE Energy crews are always astonished when they pull out a section of wooden natural gas pipe installed in the Detroit area decades ago and now being replaced.
Over the years, the technology to deliver safe and reliable natural gas to business and residential customers throughout Michigan has certainly changed. Today, a third iteration -- advanced plastic material (see photo) -- is being installed in Grosse Pointe Woods, Grosse Pointe Shores, Harper Woods and Dearborn to meet the needs of 21st Century society.
This work is a continuation the pipeline replacement program DTE launched earlier this year to ensure customers continue to have a safe and reliable natural gas infrastructure.
The five-year program involves replacing aging natural gas infrastructure – mainly cast iron mains, and steel or copper service lines that deliver natural gas from the gas mains to homes and businesses. DTE also is upgrading natural gas meters with the latest technology and relocating the equipment to the outside of homes.
"The work is important for the long-term safety and reliability of the natural gas distribution system," said Joi Harris, DTE vice president, Gas Operations. "We have served the area for several decades and in some areas more than a century. It's time for our gas infrastructure to be renewed. A smarter, up-to-date infrastructure gives customers reliability, control, flexibility and choice in how they manage their energy."
DTE is on schedule to complete 100 miles of natural gas main replacement by the end of 2016, with that workload to increase by 30 miles next year. In 2017, DTE will continue its main replacement program in Dearborn between Ford Road and Tireman, and in Grosse Pointe from Lochmoor to the Fisher Freeway. Work also will begin in Hamtramck, Highland Park and Inkster.
Throughout the process of completing this work, DTE crews have worked consciously to restore all streets, sidewalks, driveways and lawns that have been dug up to accomplish the pipe replacements. By the end of 2016, DTE will have restored 450,000 square feet of lawn to their original condition.
An operation this size has many other sizeable statistics, some of which are (all in 2016):
DTE collaborates with local communities to schedule work so it complements any road or sewer projects planned in those communities.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Photo - http://photos.prnewswire.com/prnh/20161027/433212
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 26, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported third quarter 2016 earnings of $338 million, or $1.88 per diluted share, compared with $265 million, or $1.47 per diluted share in 2015. Higher reported earnings in the third quarter were primarily driven by continued warm weather throughout the summer months.
Operating earnings for the third quarter 2016 were $353 million, or $1.96 per diluted share, compared with 2015 operating earnings of $252 million, or $1.40 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
In reflecting on the third quarter, DTE Energy Chairman and CEO Gerry Anderson commented, "I am pleased with our third quarter financial results and am excited about the recent accomplishments by the company that are important to our state, as well as the communities and customers we serve." Anderson noted the following recent company accomplishments:
DTE reiterates operating EPS guidance for 2016
DTE Energy recently raised its 2016 operating earnings per share guidance to $5.09 to $5.35 from $4.91 to $5.19.
"The increase was primarily driven by one of the warmest third quarters in almost 60 years," said Peter Oleksiak, DTE Energy senior vice president and CFO. "We recently raised operating earnings guidance, and given the company's strong third quarter performance, we feel confident that the company will not only achieve its earnings target in 2016, but will also make additional investments in its infrastructure."
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com/investors.
DTE Energy plans to conduct a conference call with the investment community at 9 a.m. ET today, to discuss third quarter 2016 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (800) 344-6698 or international toll: (785) 830-7979. The passcode is 1309977. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors. An audio replay of the call will be available from noon today to noon on November 9, 2016. To access the replay, dial US and Canada toll free (888) 203-1112 or international toll: (719) 457-0820 and enter passcode 1309977.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2016 operating earnings guidance. It is likely that certain items that impact the company's 2016 reported results will be excluded from operating results. Reconciliations to the comparable 2016 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "projected," "aspiration" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, FERC, MPSC, NRC, and CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, terrorism or cyber attacks; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2015 Form 10-K and 2016 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company |
|||||||||||||||
Consolidated Statements of Operations (Unaudited) |
|||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||
September 30, |
September 30, | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Operating Revenues |
|||||||||||||||
Utility operations |
$ |
1,748 |
$ |
1,528 |
$ |
4,847 |
$ |
4,726 |
|||||||
Non-utility operations |
1,180 |
1,070 |
2,909 |
3,124 |
|||||||||||
2,928 |
2,598 |
7,756 |
7,850 |
||||||||||||
Operating Expenses |
|||||||||||||||
Fuel, purchased power, and gas — utility |
503 |
458 |
1,482 |
1,585 |
|||||||||||
Fuel, purchased power, and gas — non-utility |
1,034 |
870 |
2,527 |
2,644 |
|||||||||||
Operation and maintenance |
562 |
542 |
1,620 |
1,600 |
|||||||||||
Depreciation and amortization |
230 |
196 |
702 |
625 |
|||||||||||
Taxes other than income |
92 |
91 |
282 |
282 |
|||||||||||
Asset (gains) losses and impairments, net |
— |
1 |
(1) |
9 |
|||||||||||
2,421 |
2,158 |
6,612 |
6,745 |
||||||||||||
Operating Income |
507 |
440 |
1,144 |
1,105 |
|||||||||||
Other (Income) and Deductions |
|||||||||||||||
Interest expense |
114 |
116 |
341 |
341 |
|||||||||||
Interest income |
(3) |
(4) |
(17) |
(10) |
|||||||||||
Other income |
(51) |
(55) |
(160) |
(155) |
|||||||||||
Other expenses |
12 |
17 |
27 |
36 |
|||||||||||
72 |
74 |
191 |
212 |
||||||||||||
Income Before Income Taxes |
435 |
366 |
953 |
893 |
|||||||||||
Income Tax Expense |
110 |
102 |
243 |
250 |
|||||||||||
Net Income |
325 |
264 |
710 |
643 |
|||||||||||
Less: Net Loss Attributable to Noncontrolling Interests |
(13) |
(1) |
(27) |
(4) |
|||||||||||
Net Income Attributable to DTE Energy Company |
$ |
338 |
$ |
265 |
$ |
737 |
$ |
647 |
|||||||
Basic Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.88 |
$ |
1.47 |
$ |
4.10 |
$ |
3.61 |
|||||||
Diluted Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.88 |
$ |
1.47 |
$ |
4.10 |
$ |
3.61 |
|||||||
Weighted Average Common Shares Outstanding |
|||||||||||||||
Basic |
179 |
179 |
179 |
179 |
|||||||||||
Diluted |
180 |
180 |
180 |
179 |
|||||||||||
Dividends Declared per Common Share |
$ |
0.77 |
$ |
0.73 |
$ |
2.23 |
$ |
2.11 |
|||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
285 |
$ |
— |
$ |
285 |
$ |
214 |
$ |
— |
$ |
214 |
|||||||||||||
DTE Gas |
(4) |
— |
(4) |
(11) |
— |
(11) |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
28 |
— |
28 |
27 |
— |
27 |
|||||||||||||||||||
Power and Industrial Projects |
34 |
1 |
A |
35 |
32 |
— |
32 |
||||||||||||||||||
Energy Trading |
(4) |
14 |
B |
10 |
12 |
(13) |
B |
(1) |
|||||||||||||||||
Total Non-utility operations |
58 |
15 |
73 |
71 |
(13) |
58 |
|||||||||||||||||||
Corporate and Other |
(1) |
— |
(1) |
(9) |
— |
(9) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
338 |
$ |
15 |
$ |
353 |
$ |
265 |
$ |
(13) |
$ |
252 |
|||||||||||||
Adjustments key | ||||||||||||||||||||||||||
A) |
Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||
B) |
Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $9 million in 2016 and ($8) million in 2015) | |||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
1.58 |
$ |
— |
$ |
1.58 |
$ |
1.19 |
$ |
— |
$ |
1.19 |
|||||||||||||
DTE Gas |
(0.03) |
— |
(0.03) |
(0.06) |
— |
(0.06) |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.16 |
— |
0.16 |
0.15 |
— |
0.15 |
|||||||||||||||||||
Power and Industrial Projects |
0.19 |
0.01 |
A |
0.20 |
0.17 |
— |
0.17 |
||||||||||||||||||
Energy Trading |
(0.02) |
0.07 |
B |
0.05 |
0.07 |
(0.07) |
B |
— |
|||||||||||||||||
Total Non-utility operations |
0.33 |
0.08 |
0.41 |
0.39 |
(0.07) |
0.32 |
|||||||||||||||||||
Corporate and Other |
— |
— |
— |
(0.05) |
— |
(0.05) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.88 |
$ |
0.08 |
$ |
1.96 |
$ |
1.47 |
$ |
(0.07) |
$ |
1.40 |
|||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares | |||||||||||||||||||||||||
Adjustments key — see previous page |
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
547 |
$ |
— |
$ |
547 |
$ |
449 |
$ |
12 |
C |
$ |
461 |
||||||||||||
DTE Gas |
96 |
— |
96 |
93 |
— |
93 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
93 |
— |
93 |
79 |
— |
79 |
|||||||||||||||||||
Power and Industrial Projects |
66 |
7 |
A |
73 |
73 |
10 |
D |
83 |
|||||||||||||||||
Energy Trading |
(34) |
60 |
B |
26 |
— |
24 |
B |
14 |
|||||||||||||||||
(10) |
E |
||||||||||||||||||||||||
Total Non-utility operations |
125 |
67 |
192 |
152 |
24 |
176 |
|||||||||||||||||||
Corporate and Other |
(31) |
— |
(31) |
(47) |
— |
(47) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
737 |
$ |
67 |
$ |
804 |
$ |
647 |
$ |
36 |
$ |
683 |
|||||||||||||
Adjustments key | ||||||||||||||||||||||||||
A) |
Closure of Shenango coke battery due to impacts from downturn in North American steel industry — recorded in Operating Expenses — Asset (gains) losses and impairments, net (net of tax of $4 million) | |||||||||||||||||||||||||
B) |
Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility (net of tax of $38 million in 2016 and $16 million in 2015) | |||||||||||||||||||||||||
C) |
MPSC disallowance of Fermi 2 related purchased power costs resulting from reduced output in 2012 and 2013 due to a pump failure — recorded in Operating Revenues — Utility operations (net of tax of $8 million) | |||||||||||||||||||||||||
D) |
Contract termination resulting in the closure of a renewable power generating facility — recorded in Operating Expenses — Asset (gains) losses and impairments, net (net of tax of $6 million) | |||||||||||||||||||||||||
E) |
Refund of natural gas pipeline demand charges as a result of a Federal Energy Regulatory Commission rate order — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility, net of tax of ($7) million |
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
3.04 |
$ |
— |
$ |
3.04 |
$ |
2.51 |
$ |
0.07 |
C |
$ |
2.58 |
||||||||||||
DTE Gas |
0.53 |
— |
0.53 |
0.52 |
— |
0.52 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.52 |
— |
0.52 |
0.44 |
— |
0.44 |
|||||||||||||||||||
Power and Industrial Projects |
0.37 |
0.04 |
A |
0.41 |
0.40 |
0.05 |
D |
0.45 |
|||||||||||||||||
Energy Trading |
(0.19) |
0.33 |
B |
0.14 |
— |
0.14 |
B |
0.08 |
|||||||||||||||||
— |
(0.06) |
E |
|||||||||||||||||||||||
Total Non-utility operations |
0.70 |
0.37 |
1.07 |
0.84 |
0.13 |
0.97 |
|||||||||||||||||||
Corporate and Other |
(0.17) |
— |
(0.17) |
(0.26) |
— |
(0.26) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
4.10 |
$ |
0.37 |
$ |
4.47 |
$ |
3.61 |
$ |
0.20 |
$ |
3.81 |
|||||||||||||
(1) Per share amounts for the adjustments are based on the after-tax effect for each item, divided by the diluted weighted average common shares | |||||||||||||||||||||||||
Adjustments key — see previous page |
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 25, 2016 /PRNewswire/ -- Gerry Anderson, DTE Energy chairman and CEO, will provide a business update at the EEI Financial Conference on Tuesday, November 8, 2016. The 40-minute presentation is scheduled to start at 11:15 a.m. MST.
The conference audio and presentation materials will be available via webcast through a link on DTE Energy's website at www.dteenergy.com/investors. The webcast replay will be available and archived on the website.
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
ANN ARBOR, Mich., Oct. 24, 2016 /PRNewswire/ -- Neutral Zone, a nonprofit organization that helps teens cultivate 21st century skills, will be expanding its Youth Driven Spaces program in Detroit with a $75,000 investment from the DTE Energy Foundation. More than 150 Detroit-area youth and 40 adult mentors from ten organizations will participate in an intensive leadership training and coaching program to better fulfill the mission of their nonprofit agencies.
The announcement was made during Neutral Zone's annual fall event on Oct. 18, which honored Lizann Anderson and her husband, Gerry Anderson, chairman and CEO of DTE Energy (NYSE: DTE), for their commitment to philanthropy and Lizann's long-time support of the organization.
"The DTE Energy Foundation is proud to support Neutral Zone and its mission to ensure that even more youth have the opportunity to grow and develop in a positive way," said Faye Nelson, vice president, DTE Energy, and board chair and president, DTE Energy Foundation. "This investment will not only open new pathways of opportunity for our youth - it will foster the talents and passion of young people in our communities so that they can help cities such as Detroit reach their potential as thriving places to live, work and play."
Neutral Zone's Youth Driven Spaces (YDS) program provides training for agencies and the youth that they serve so that teens can have an active role in projects and programs. This allows the youth to develop skills such as leadership, problem-solving, communication, collaboration and critical reflection —in a safe and nurturing setting.
The DTE Energy Foundation's support will implement Neutral Zone's YDS approach in nine Detroit-area nonprofit organizations, including Alternative for Girls, Cody Rouge Community Action Alliance, Detroit Food Academy, Detroit Leadership Academy, InsideOut, Starfish Family Services, Youth Development Commission and Urban Neighborhood Initiatives. The remaining support will be for the Ypsilanti Library.
"We have been working with Detroit-area agencies for several years and the need continues to grow," said John Weiss, Neutral Zone's director of strategic initiatives and the lead on the YDS program. "The DTE Energy Foundation's generous contribution makes it possible to work with those nonprofits that have reached out to us for assistance. The expanded project allows us to make a greater contribution to the positive changes happening in Detroit."
The DTE Energy Foundation funds will be used to expand the scope of work that the Neutral Zone has been doing in Southeast Michigan since 2010. This support will build on work begun this summer with other area organizations, including Boys Hope Girls Hope, Developing K.I.D.S., Eastside Community Network, Wellspring, Girls Group (Ann Arbor), and My Brother's Keeper (Washtenaw County).
A teen center located in Ann Arbor, the Neutral Zone got its start in 1998 and has grown into a nationally recognized creative and leadership space that engages more than 500 high school teens annually. Based on the premise that teens thrive when they work in partnership with adults as active collaborators, decision makers and problem solvers, Neutral Zone's approach involves young people at the very heart of everything they do.
Neutral Zone, in partnership with the Weikart Center for Youth Program Quality and Michigan State University's Community Evaluation Research Collaborative, developed the YDS model to share its youth-driven practice with other school, community and arts-based organizations.
About the DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy, continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.1 million electric customers in Southeast Michigan and 1.2 million natural gas customers in Michigan. In 2015, the DTE Energy Foundation provided $15 million in grant support to nonprofits throughout the company's service territories. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. For more information, click here.
About Neutral Zone
The Neutral Zone is a diverse, youth-driven teen center dedicated to promoting personal growth through artistic expression, community leadership and the exchange of ideas. Recognized as one of the best youth leadership programs in the country, NZ hosts high-quality programs to engage youth in meaningful decision making, mentorship and leadership. Neutral Zone offers more than 20 weekly programs in Leadership, Music Technology, Literary Arts, Leadership, and Visual and Media Arts. For more information about Neutral Zone or the Youth Driven Spaces program, visit www.neutral-zone.org.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 20, 2016 /PRNewswire/ -- DTE Energy today announced it completed the $1.3 billion purchase of midstream natural gas assets in Pennsylvania and West Virginia.
"This completed acquisition is a great addition to our portfolio and supports both our strategy in this segment and our drive to continue to grow and earn strong returns for shareholders," said Gerry Anderson, DTE Energy chairman and CEO.
The acquired assets are in a highly productive area of the Southwest Marcellus/Utica region and have significant expansion potential.
The completed acquisition includes:
The purchase aligns with DTE's existing strengths and synergies in managing natural gas midstream assets and provides access to multiple markets.
"Energy companies in the Midwest, including DTE, are in the process of transitioning a good portion of their electrical generation capacity from coal to natural gas," said Anderson. "The acquisition fully supports this move toward a lower-carbon future."
The new natural gas infrastructure will:
In early October, the company successfully financed the transaction through the issuance of $675 million of equity units and the remainder with senior notes.
Wells Fargo Securities, LLC served as the exclusive financial advisor to DTE for the transaction.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
FORWARD-LOOKING STATEMENTS
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the following: the failure to consummate the transaction, the risk that we will not achieve expected synergies, the risk that the operations being acquired in the acquisition will not be successfully integrated or that such integration will take longer than expected, the risk that the operations being acquired will not perform as expected; and the risks discussed in our public filings with the Securities and Exchange Commission. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2015 Form 10-K and 2016 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy.
SOURCE: DTE Energy
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 12, 2016 /PRNewswire/ -- DTE Energy will power the QLINE – a modern street car traveling up and down a 3.3 mile stretch of Woodward Ave in Detroit - and the future growth of Detroit's neighborhoods and businesses along the route. The QLINE will be powered by four new Traction Power Substations in Detroit running on DTE electricity. In partnership with M-1 Rail and the Michigan Department of Transportation (MDOT), DTE also designed and constructed the new infrastructure that will power future business growth generated by the QLINE in the heart of Detroit.
"We are proud of this unique collaboration between DTE Energy, M-1 Rail and MDOT, and our ability to provide our combined expertise to help ensure the QLINE is fully operational in the Spring of 2017," said Bob Richard, senior vice president of Major Enterprise Projects at DTE Energy. "Building the infrastructure necessary to meet the needs of future business development is another way DTE supports the economic growth and prosperity of the City of Detroit."
DTE Energy is providing the electricity to serve four new substations that will power the QLINE. The first QLINE substation was built in September with three remaining substations scheduled to be built by the end of 2016. The QLINE car is charged when an overhead arm on the car contacts the overhead catenary wire powered by a substation.
"From working cooperatively with us throughout construction to powering future operations of the QLINE, DTE Energy is an invaluable partner to this project," said M-1 RAIL President and CEO Matt Cullen. "The electrical system upgrades by DTE are not only the first step toward creating a great regional transit system in Detroit, but they will provide long term benefits for the city and its residents."
DTE Energy's investment in new infrastructure enables future load growth and makes it possible for DTE to meet the electrical needs of expanding business spurred by the QLINE in Midtown, North End and New Center areas - from new housing developments and hotels to restaurants and retail. The collaboration between DTE, M-1 Rail and MDOT began a year before the underground construction in an effort to detect potential challenges and identify solutions, which included building new manholes and the associated duct bank, laying 15,000 feet of new conduit, and repaving Woodward Ave. Their integrated, proactive approach to the project resulted in significant cost reductions and the completion of the project on schedule.
"I am thrilled to celebrate the QLINE as a model for what can happen when private industry and government agencies collaborate," said MDOT Director Kirk T. Steudle. "Woodward Avenue is an iconic route with a rich history of helping people get to and from downtown Detroit. The QLINE only enhances the corridor's vital role. Metro Detroiters use freeways, trains, buses, bicycles and even shoe leather to get around, and MDOT is committed to supporting each and every mode."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
About M-1 RAIL
M-1 RAIL is a non-profit organization formed in 2007 to lead the design, construction, and future operation of the QLINE, a 6.6 mile circulating streetcar system along Woodward Ave that will connect Downtown Detroit, Midtown, New Center and the North End.
Photo - http://photos.prnewswire.com/prnh/20161012/427791
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 11, 2016 /PRNewswire/ -- DTE Energy and Consumers Energy are partnering to address a growing industry talent shortage with the third annual Careers in Energy Week, proclaimed Oct. 17-21 by Michigan Governor Rick Snyder.
Michigan boasts nearly 97,000 energy jobs, and the Michigan Workforce Development Agency estimates the Energy Cluster to grow by 9.4 percent through 2024. At the same time, an estimated 25 to 50 percent of workers in Michigan's utility sector will be eligible to retire within the next five years.
"There is incredible demand for skilled trade professionals in Michigan's energy industry," said Tracy DiSanto, DTE Energy manager, Workforce Planning and Analytics, and co-chair of the Michigan Energy Workforce Development Consortium (MEWDC). "Yet many students aren't exposed to the high-paying, rewarding career options our industry offers."
There are more than 1,800 new utility jobs in Michigan each year, and DTE Energy and Consumers Energy collectively provide more than 600 internship and co-op jobs for high school and college students. Careers in Energy Week aims to spark interest in these opportunities through educational events, including:
"A strong talent pipeline is key to building and sustaining Michigan's energy industry," said Stacy Mowrer, Consumers Energy director, Learning and Development, and MEWDC co-chair. "Careers in Energy Week is all about generating excitement for jobs in an often-overlooked industry, and creating meaningful career pathways for students."
The Michigan Energy Workforce Development Consortium is an industry-led partnership of more than 50 organizations dedicated to addressing current and future workforce issues that are crucial to building and sustaining Michigan's energy industry. MEWDC recently created Michigan's 17th career cluster in energy, enabling high schools and community colleges to incorporate energy-related courses in their curriculum. DTE Energy and Consumers Energy support energy education efforts at schools and nonprofit groups through annual Foundation contributions of more than $4.1 million.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
About Consumers Energy
Consumers Energy is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties.
Photo - http://photos.prnewswire.com/prnh/20161011/427189
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 11, 2016 /PRNewswire/ -- DTE Energy (NYSE:DTE) will announce its third quarter earnings before the market opens Wednesday, October 26, 2016.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (800) 344-6698 or international toll: (785) 830-7979. The passcode is 1309977. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Oct. 5, 2016 /PRNewswire/ -- Calling for a "Novembrrr" and a "downright Frigid February," the 2017 Farmers Almanac is not alone in predictions for a cold winter in the Great Lakes region.
So what better time than today, the Midwest Energy Efficiency Alliance's first Energy Efficiency Day, to start thinking about how to better manage winter energy bills?
For when temperatures start to fall in Michigan, one thing is certain: most Michiganders will start to use more natural gas to heat homes and businesses, which can lead to higher energy bills.
DTE Energy reminds customers there are a number of ways to prepare this Fall to save energy, manage heating bills and remain safe throughout the cold weather season. These quick, easy tips can amount to big savings as temperatures start to fall.
Saving money shouldn't come at the expense of safety.
Natural gas is safe, reliable and clean. But like other fossil fuels, it can produce carbon monoxide (CO) if it does not burn completely. CO is colorless, odorless and tasteless, and can produce flu-like symptoms such as headaches, nausea, vomiting, dizziness, shortness of breath and fatigue. It can also be fatal, so think about investing in a CO detector.
If a CO problem is suspected:
For more information about managing your heating costs and payment options, visit Stay Warm for your home or Heating Season for your business.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy/.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Sept. 29, 2016 /PRNewswire/ -- DTE Energy Company ("DTE") announced today that it has priced its offering of 12 million equity units.
Each equity unit will be issued in a stated amount of $50 ($600 million aggregate stated amount) and will consist of a contract to purchase common stock in the future and a 1/20, or 5%, undivided beneficial ownership interest in DTE's 2016 Series C remarketable senior notes due 2024 having a principal amount of $1,000. The remarketable senior notes are subject to remarketing to commence no earlier than June 27, 2019. The offering is expected to close on or about Oct. 5, 2016, subject to customary closing conditions.
Total annual distribution on the equity units will be at the rate of 6.50 percent, consisting of interest on the 2016 Series C remarketable senior notes and payments under the related stock purchase contracts. The reference price for the equity units is $93.05 per share. The threshold appreciation price for the equity units is $116.31 per share, which represents a premium of approximately 25 percent over the reference price. Under the purchase contract, holders will be required to purchase a variable number of shares of DTE Energy common stock no later than Oct. 1, 2019.
DTE has granted the underwriters an option to purchase during the 13-day period beginning on, and including, the initial issuance date of the equity units up to 1.5 million additional equity units, or an additional aggregate stated amount of $75 million.
DTE intends to use the net proceeds from this offering, which are expected to be $582 million in the aggregate or $655 million in the aggregate if the overallotment option is exercised in full (in each case, after deducting underwriting discounts and commissions but before deducting other offering expenses), for the purchase of midstream natural gas assets.
Wells Fargo Securities, Citigroup and J.P. Morgan are acting as joint book-running managers for the offering.
The offering will be made under an effective shelf registration statement, as amended, filed with the U.S. Securities and Exchange Commission ("SEC"). This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting Wells Fargo Securities, LLC ,Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, at (800) 831-9146 or by e-mail at prospectus@citi.com, or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at (866) 803-9204.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading.
FORWARD-LOOKING STATEMENTS
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the following: the failure to consummate the transaction, the risk that we will not achieve expected synergies, the risk that the operations being acquired in the acquisition will not be successfully integrated or that such integration will take longer than expected, the risk that the operations being acquired will not perform as expected; and the risks discussed in our public filings with the Securities and Exchange Commission ("SEC"). Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. Other factors that may impact our future results are contained in DTE Energy's 2015 Annual Report on Form 10-K and 2016 quarterly reports on Form 10-Q and other reports filed by DTE Energy with the SEC.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Sept. 29, 2016 /PRNewswire/ -- DTE Energy today announced it will build new energy generation as part of its commitment to ensure long-term reliability and produce cleaner energy for its customers. The new energy generated will replace a portion of the capacity from coal-fired plants DTE intends to retire by 2023.
DTE has plans to build state-of-the-art natural gas turbine plants to provide approximately 1,000 megawatts of energy, enough to power 850,000 homes, and create new jobs for Michigan residents. The company will invest between $1-1.5 billion in these new generating assets, expected to be completed between 2021 and 2023. Based on preliminary site analysis, one project is expected to be located on existing DTE property adjacent to the Belle River power plant in China Township, Mich.
This new generation will provide long term reliability and will add to the company's recent acquisitions of natural gas generating capacity. In 2015, the company acquired the 732 megawatt Renaissance Power Plant in Carson City and the 350 megawatt Dean Peaker Plant in East China Township to assure adequate generating capacity for DTE customers during periods of high demand for power.
"DTE Energy is committed to providing Michigan and our customers with reliable, cleaner sources of energy," said DTE Chairman and CEO Gerry Anderson. "These new energy generation investments will significantly reduce greenhouses gases by moving to cleaner technologies. Just as important, it will enable us to deliver safe, affordable and reliable energy for DTE's 2.2 million customers."
In June, DTE announced plans to retire three of its five coal plants in Michigan – River Rouge, St. Clair and Trenton Channel – by 2023 and replace that capacity with a mix of cleaner energy, including natural gas, wind and solar power. The age of these plants, as well as additional coal plants planned for retirement statewide by other energy companies, demonstrates a need for new energy sources in Michigan.
DTE has already taken steps toward transforming its energy generation and encouraging energy savings with customers:
"As a company, we are always focused on doing the right thing – for our customers, our communities, our employees and our shareholders," Anderson said. "Throughout this process, we will work with the state of Michigan and the Michigan Public Service Commission to ensure affordable, reliable and cleaner energy."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. For more information about DTE Energy, visit dteenergy.com; twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Sept. 28, 2016 /PRNewswire/ -- DTE Energy Company ("DTE") announced today its intention to commence a registered underwritten public offering of 12 million equity units, subject to market and other conditions.
Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock in the future and a 1/20, or 5%, undivided beneficial ownership interest in a remarketable senior note having a principal amount of $1,000. DTE expects to grant the underwriters an option to purchase up to 1.5 million additional equity units to cover overallotments.
DTE intends to use the net proceeds from this offering for the purchase of midstream natural gas assets.
Wells Fargo Securities, Citigroup and J.P. Morgan will be joint book-running managers for the offering.
The offering will be made under an effective shelf registration statement, as amended, filed with the U.S. Securities and Exchange Commission (the "SEC"). This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Any offers of the securities will be made exclusively by means of a prospectus supplement and accompanying prospectus. Copies of these documents may be obtained by contacting Wells Fargo Securities, LLC , Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, at (800) 326-5897, or email a request to cmclientsupport@wellsfargo.com, or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, at (800) 831-9146, or by e-mail at prospectus@citi.com, or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at (866) 803-9204.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading.
FORWARD-LOOKING STATEMENTS
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the following: the failure to consummate the transaction, the risk that we will not achieve expected synergies, the risk that the operations being acquired in the acquisition will not be successfully integrated or that such integration will take longer than expected, the risk that the operations being acquired will not perform as expected; and the risks discussed in our public filings with the Securities and Exchange Commission ("SEC"). Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. Other factors that may impact our future results are contained in DTE Energy's 2015 Annual Report on Form 10-K and 2016 quarterly reports on Form 10-Q and other reports filed by DTE Energy with the SEC.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Sept. 28, 2016 /PRNewswire/ -- From Escanaba to Grand Rapids to Detroit and areas in between, DTE Energy Care Force volunteers teamed up and gave back to the causes they care about. In August, the company rallied nearly 1,500 employees to volunteer their time and energy as part of its first annual "Month of Caring." In total, DTE Care Force supported 91 nonprofits and volunteered more than 6,700 hours, or the equivalent of 838 work days.
"DTE Energy is dedicated to giving back and making a difference in the communities where we live and serve," said Mark Stiers, president and COO, DTE Gas. "We challenged our employees to step up and volunteer during our first annual Month of Caring, and they not only met, but surpassed our expectations."
Throughout the month, DTE volunteers lent a hand in numerous ways:
"As a leading corporate citizen, DTE Energy emphasizes the importance of volunteering and embraces it as a key piece of our company's culture," Stiers added. "Volunteering helps to develop leadership skills among our employees, and more importantly, builds relationships with our neighbors and communities."
DTE Energy continues to build on its long and proud history of giving back. Since 2010, the company has sponsored enterprise-wide volunteer events, including "DTE Cares Day," and "DTE Cares Fridays." This year, DTE expanded its initiative to an entire month to more positively impact the community. Every year, DTE volunteers work with more than 200 nonprofits in 450 communities in Michigan.
Members of the media interested in details about volunteer events in their areas should call or email for more information.
Photo - http://photos.prnewswire.com/prnh/20160928/412832
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Sept. 28, 2016 /PRNewswire/ -- DTE Energy today named Angela Buk to the position of chief investment officer, leading the company's investment policy and strategy. Buk will manage DTE's employee retirement plan investments and other company trust investments. Buk most recently led the Alternative Investments team in the Treasury Asset Management Group at Fiat Chrysler Automobiles (FCA).
"We are excited to have Angie join our team," said Mark Rolling, vice president and treasurer, DTE Energy. "Angie is a highly-qualified investment professional whose experience and education makes her well-suited to lead the strategic investment of the company's $9 billion in trust assets."
In her role leading FCA's Alternative Investments team, Buk was responsible for a multi-billion dollar portfolio of alternative investments including hedge funds, real estate, private equity and opportunistic investments. Buk was also a member of the investment committee responsible for oversight of $30 billion of global employee benefit assets and other trust investments. Prior to this role, Buk lead and managed a team responsible for investment operations, compliance, risk management and defined contribution. Within FCA, Buk progressed through various roles of increasing responsibility in Corporate Finance & Securitization, Treasury Planning & Project Finance and Sales & Marketing Finance. During her tenure at FCA, Buk successfully developed and led a defined contribution plan redesign and implemented new alternative investment portfolios.
Prior to FCA, Buk served as a senior auditor with Deloitte LLP, performing audits of pension plans, financial institutions and real estate firms, servicing Fortune 500 clients.
Buk received her bachelor's and master's degrees from the University of Michigan, Ross School of Business. She is a Certified Public Accountant (inactive) and a Level II candidate in the Chartered Alternative Investment Analyst program.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Photo - http://photos.prnewswire.com/prnh/20160928/412799
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Sept. 26, 2016 /PRNewswire/ -- DTE Energy today announced it will purchase midstream natural gas assets in support of the company's strategy to continue to grow and earn competitive returns for shareholders.
The agreement calls for DTE to purchase 100 percent of Appalachia Gathering System (AGS), located in Pennsylvania and West Virginia, and 40 percent of Stonewall Gas Gathering (SGG), in West Virginia, from M3 Midstream. In addition, DTE will purchase 15 percent of SGG from Vega Energy Partners. The combined purchase price for the assets to be acquired by DTE is $1.3 billion. These assets will become part of the DTE's non-utility Gas Storage and Pipeline business which currently owns and manages a network of natural gas gathering, transmission and storage facilities serving the Midwest, Ontario and Northeast markets.
These assets gather natural gas produced in the Appalachia region and provide access to multiple markets, including the Great Lakes region, through interconnections with Columbia Gas Transmission, Texas Eastern Transmission and the NEXUS Gas Transmission project currently being developed by DTE and Spectra Energy. Demand for natural gas in the Great Lakes region is expected to increase significantly, driven by coal to gas conversions for electricity generation and economic growth. The low-cost natural gas supply from the Marcellus/Utica region is expected to serve this growth and displace higher cost alternatives.
"These transactions will significantly increase our midstream presence in the Appalachian basin," said Gerry Anderson, CEO of DTE Energy. "The acquired assets are in a productive area of the Southwest Marcellus/Utica region and have expansion potential. These acquisitions align with DTE's existing strengths in managing natural gas midstream assets."
These transactions, expected to be completed in Q4 2016, will not materially change DTE's current business mix.
"The decision to purchase these assets is consistent with DTE's growth plans," said Jerry Norcia, president and COO, DTE Energy. "These two systems are complementary to our current asset portfolio and will provide synergies over time."
The new natural gas infrastructure will:
Wells Fargo Securities, LLC has served as the exclusive financial advisor to DTE and Wells Fargo Bank NA has provided committed financing for the transaction.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
An analyst conference call is scheduled on this topic at the following date/time:
Tuesday, Sept. 27, 8 a.m.
Conference ID 2016982
International Toll: 913-312-1377
Participants US/CAN Toll Free: 800-341-3130
Participants dial in 5 – 10 minutes prior to start time
FORWARD-LOOKING STATEMENTS
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy. Words such as "anticipate," "believe," "expect," "projected," "aspiration," and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact these forward-looking statements including, but not limited to, the following: the failure to consummate the transaction, the risk that we will not achieve expected synergies, the risk that the operations being acquired in the acquisition will not be successfully integrated or that such integration will take longer than expected, the risk that the operations being acquired will not perform as expected; and the risks discussed in our public filings with the Securities and Exchange Commission. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2015 Form 10-K and 2016 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Sept. 20, 2016 /PRNewswire/ -- As a new school year is underway, Detroit school students can expect to spend more time in their classrooms due to DTE Energy's work to improve energy reliability in the city's school systems. Since November 2014, DTE has converted 55 Detroit schools from the Detroit Public Lighting Department's (PLD) grid to its power grid and performed electrical maintenance on existing systems prior to their conversion. As a result, Detroit schools experienced a 99 percent reduction in the number of school closings caused by electrical failures, with 184 school closings reported during the 2013-2014 school year and only two closings during the 2015-2016 school year.
"DTE's partnership with the Public Lighting Department and Detroit schools is an example of our commitment to providing reliable, cost-effective service to all of our customers and positively impact the communities where we live and work," said Robert Richard, senior vice president of DTE Energy's Major Enterprise Projects. "Our employees take pride in providing exceptional customer service to improve the quality of life and safety for our customers -- and their school children."
When Detroit Public Lighting Department customers became DTE customers in July 2014, DTE partnered with the PLD to improve energy reliability in the schools and respond to power outages in minutes, rather than days. Crews were tasked with trimming trees on school property when it was discovered that overgrown vegetation was a significant contributing factor to power failures.
DTE Energy continues work to convert an additional 80 to 90 Detroit schools to its grid.
Since DTE began providing service to Detroit schools, the improvements have been impactful:
According to DPSCD, before the grid conversion project began, schools such as Fisher Magnet Upper Academy (15491 Maddelein Street), Mann Learning Community (19625 Elmira Street) and Schulze Academy for Technology and Arts (10700 Santa Maria Street) experienced some of the most severe interruptions in power with frequent closures that lasted for days, often damaging critical equipment. Brown outs were almost a daily occurrence in some schools, causing lights to flicker and dim, disrupting classrooms and impacting the students' ability to focus and learn. DTE worked with DPSCD to prioritize schools by need and make significant improvements.
"Increased power reliability and reduced power outages have helped create an environment that is more conducive to learning for our students," said Emile Lauzzana, director of energy and sustainability for Detroit Public Schools Community District. "Overall, teachers and students feel a new sense of safety and security in the building and parents have confidence that when they drop their child off in the morning, they will not be getting a call to come pick their child up again in the middle of the day because of a power failure."
The conversion project impacts a total of 115 business customers and institutions. Cobo Hall, Coleman A. Young International Airport, Detroit Receiving Hospital, Wayne State University, Belle Isle, and city government buildings will also benefit from the grid conversion project.
"Over the last 50 years, Detroit's electric infrastructure had dilapidated to a point where it was not realistic to rebuild it internally," said Beau Taylor, public sector administrator at PLD. "We looked for a partner to improve PLD's service while we transitioned our customers to a new grid and DTE Energy was a natural fit. We've worked together for the last five years to develop solutions for the delivery of power to our customers and they are very excited to see this transition take place."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Photo - http://photos.prnewswire.com/prnh/20160919/409512
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Sept. 16, 2016 /PRNewswire/ -- DTE Energy today started construction on one of the largest urban solar arrays in the United States. The project, targeted for completion by the end of 2016, will convert 10 acres of vacant and blighted land in Detroit into a solar array capable of generating enough clean energy to power 450 homes.
"This Detroit solar project will help DTE Energy reduce emissions and provide cleaner energy to our customers, while also helping deliver on our commitment to spur economic growth and prosperity in the neighborhoods we serve," said DTE Energy Chairman and CEO Gerry Anderson. "Over the next decade, DTE Energy will transform its energy generation fleet, which includes plans to retire 11 aging coal-fired generating units at three facilities built in the 1950s and 1960s, to a mix of modern, cleaner sources. The development of large-scale solar projects is another step in this direction."
In late March, Detroit City Council approved an agreement between the City and DTE for the redevelopment of this city-owned land as part of a unique public-private partnership. DTE's O'Shea solar project will generate more than $1 million in tax revenue for the City and will create jobs during its construction. DTE also is partnering with non-profit organizations, including 100 Black Men, Reading Works, Detroit Employment Solutions and Goodwill, to deliver new workforce development, employment and literacy programs to area residents.
"This great project is one of the ways the City is developing new partnerships to put our vacant land back to use in a way that strengthens the surrounding neighborhood," said Mayor Mike Duggan. "What DTE Energy is creating here will help to stabilize and strengthen this community."
The City of Detroit is also working on several initiatives to help revitalize the community surrounding O'Shea Park:
In addition to the O'Shea solar project, DTE has three solar installations currently under development in Michigan, including one at the GM Warren Transmission plant and two in Lapeer. One of the Lapeer solar projects will be among the largest operating energy company-owned solar arrays east of the Mississippi River.
DTE has driven $2 billion in investments in renewable energy since 2008. In 2015, 10 percent of the energy provided by DTE was generated from a renewable source in Michigan – enough clean generation to power more than 400,000 homes. Today, DTE's renewable energy portfolio includes 12 wind parks and 27 solar arrays in Michigan.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Aug. 24, 2016 /PRNewswire/ -- DTE Energy today announced it is donating an additional $2.5 million to The Heat and Warmth Fund (THAW) to help low-income residents across the state of Michigan prepare for the upcoming heating season. This donation – combined with a recent similar donation – is expected to drive enrollment of nearly 6,000 customers in DTE's Low-Income Self Sufficiency Plan (LSP) payment program, which offers fixed monthly payments based on customer income and energy usage.
Families across Michigan have experienced extremely high temperatures throughout most of the summer, and with the winter months approaching, many low-income customers face concerns about how they will pay their energy bills.
"As we transition from one of our hottest summers on record to the typically harsh conditions of winter in Michigan, we believe it is our responsibility to continue to protect our customers from the dangers – and financial impact – associated with extreme temperatures," said Mark W. Stiers, president and chief operating officer of DTE Gas, DTE Energy. "This $2.5 million donation and our longstanding partnership with The Heat and Warmth Fund will allow us to provide ongoing relief to more than 3,000 low-income families, and to empower those families to reduce energy-related expenses throughout the year."
The donation will be administered by THAW, and is expected to provide relief to elderly, unemployed, underemployed and disabled DTE customers across Michigan who are struggling to pay their energy bills.
"Through DTE's $2.5 million donation and commitment to delivering safe, reliable energy to families in need, our organization is empowered to help even more families stay warm this winter," said Saunteel Jenkins, chief executive officer, THAW. "Heat and electricity are essential and basic human needs during Michigan winters; our partnership with DTE will allow us to continue to provide energy to – and improve quality of life for – our neighbors in need."
DTE and THAW will work together through the end of 2016 to hold a number of Customer Assistance Days (CADs) in Southeastern and greater Michigan. These events will assist customers with energy payments, and will provide energy efficiency education and job opportunities. CADs will begin in September and will require pre-registration. More information is available here.
More than 35,000 residents were enrolled in DTE Energy's LSP during the 2015-2016 program year. THAW will begin the LSP enrollment process on September 1 for eligible individuals seeking utility assistance this year. Please visit dteenergy.com/lsp for additional program information and for information about the LSP enrollment process.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Aug. 11, 2016 /PRNewswire/ -- DTE Energy announced today it donated $2.5 million to assist low-income residents in the city of Detroit and Southeast Michigan. This donation is expected to help drive enrollment of nearly 3,000 customers in DTE's Low-Income Self-Sufficiency Plan (LSP), which will help customers stay cool during extreme summer temperatures and provide relief to residents who are struggling to pay their energy bills.
"DTE Energy invests significant resources into ensuring our customers have access to safe, reliable energy in the communities where we live and serve," said Trevor F. Lauer, president and chief operating officer, DTE Electric for DTE Energy. "Through this $2.5 million donation, we will help protect our customers from the dangers of extreme temperatures – and the financial impact associated with them – during the summer and winter months. We will also deliver ongoing services and education to empower these customers to reduce energy-related expenses in the short and long term."
Last month, Detroit experienced its eighth-hottest July on record, with nine days of temperatures reaching at least 90 degrees. Extreme temperatures – which have continued into August – have increased energy demand and financial strain for low-income residents.
The $2.5 million donation will be administered by the United Way for Southeastern Michigan for enrollment in DTE's LSP.
"As a result of DTE's generous $2.5 million donation, our combined organizations are able to make a positive impact on our communities, and improve the lives of people right here in our neighborhoods who may be challenged with paying their energy bills," said Herman Gray, president and CEO, United Way for Southeastern Michigan. "We are so appreciative of DTE's willingness to help us continue our mission of improving communities and individual lives in measurable and lasting ways."
More than 35,000 residents were enrolled in DTE Energy's LSP during the 2015-2016 program year. For individuals seeking utility assistance this year, United Way will begin the LSP enrollment process on September 1.
DTE's Low-Income Self Sufficiency Plan offers affordable fixed monthly payments based on customer income and energy usage. Please visit dteenergy.com/lsp for additional program information and for information about the LSP enrollment process.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Aug. 10, 2016 /PRNewswire/ -- DTE Energy today named Andy Coulouris to the position of director, Federal Affairs, leading the company's policy and advocacy efforts in Washington, D.C. A Michigan native, Coulouris most recently led global government affairs for Dow Corning Corporation where he was responsible for directing the development, integration and execution of global and regional government affairs strategies. Coulouris replaces Nancy Moody, who now serves as DTE's vice president of Public Affairs.
"Andy brings a wealth of knowledge, experience and relationships to DTE Energy, and we're pleased to have him join the company," said Renze Hoeksema, vice president, Corporate and Government Affairs for DTE Energy. "As we continue through a pivotal time for the energy industry, Andy's strategic mindset and ability to align business outcomes with public policy will allow us to achieve great success as we navigate the largest change in energy policy in more than 50 years. We're confident in his ability to drive results."
Coulouris received bachelors and law degrees from the University of Michigan and served as Councilman for the City of Saginaw and was twice elected to the Michigan legislature before joining Dow Corning. While with Dow Corning, Coulouris influenced political advocacy, management of industry and trade association relationships, and administration of Dow Corning's PAC. Coulouris has leadership experience on chemical regulatory, trade, tax and energy issues.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Aug. 4, 2016 /PRNewswire/ -- When it comes to giving back to the communities where we live and serve, DTE Energy (NYSE: DTE) is a force to be reckoned with. In August, the company is rallying more than 1,000 employees across the state to volunteer their time and energy as part of the DTE Care Force, for its first annual "Month of Caring."
Since 2010, the company has sponsored enterprise-wide volunteer events, including "DTE Cares Day," and "DTE Cares Fridays." This year, DTE has expanded its initiative to an entire month to more positively impact the community through volunteering and fundraising. From Muskegon to Monroe to Pontiac and areas in between, the DTE Care Force is assembling employees, to team up and give back to the causes they care about – in their own, unique way.
"Volunteerism matters. It strengthens the connections to our communities. Most importantly, it helps our communities and nonprofit partners make a meaningful difference in people's lives," said Mark Stiers, president and COO, DTE Gas. "DTE is encouraging our employees to volunteer because as a good corporate citizen, we recognize it is our responsibility to give back to the communities where we live and serve."
Throughout the month, employees will be donating between four and eight hours of their time to community service activities, including: neighborhood clean-up and beautification; food packing and serving; recycling and environmental support, home building, restoration and furnishing services; as well as services to support children, including collecting school supplies and packing backpacks, preparing materials and developing craft projects for after-school programs.
While the volunteer events will be ongoing and scheduled throughout August, three events scheduled for the month include:
DTE Energy continues to build on its long and proud history of giving back. Every year, DTE volunteers work with more than 200 nonprofits in 450 communities in Michigan. This includes its signature partnerships with nonprofits, such as the Holiday Meals on Wheels program. Last year, the company had 700 employees pack, serve and deliver 18,000 meals throughout Michigan during the month of December.
Photo - http://photos.prnewswire.com/prnh/20160804/395688
Photo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, July 26, 2016 /PRNewswire/ -- DTE Energy (NYSE:DTE) today reported second quarter 2016 earnings of $152 million, or $0.84 per diluted share, compared with $109 million, or $0.61 per diluted share in 2015. Higher reported earnings in the second quarter were partially driven by weather at the utilities.
Operating earnings for the second quarter 2016 were $177 million, or $0.98 per diluted share, compared with 2015 operating earnings of $137 million, or $0.76 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"The company's second quarter performance builds on the success of the first quarter, resulting in a strong first half of 2016," said Gerry Anderson, DTE chairman and CEO. Anderson also noted the following recent company accomplishments:
Anderson also noted "These accomplishments span the breadth and depth of our business, showcasing the multifaceted strategy we're executing to reach new levels of excellence across all areas of our business, getting us one step closer to achieving our aspiration of being the best operated energy company in North America."
DTE raises operating EPS guidance for 2016
DTE Energy raised its 2016 operating earnings per share guidance to $4.91 to $5.19 from $4.80 to $5.05.
"We feel confident in raising our 2016 earnings guidance from a midpoint of $4.93 to $5.05 per share based on our strong ongoing performance. This confidence is further evidenced by our Board of Directors' action in June to increase the annualized dividend 5.5 percent to $3.08 per share. The dividend continues the company's more than 100 year history of issuing a dividend," said Peter Oleksiak, DTE Energy senior vice president and chief financial officer.
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com/investors.
DTE Energy plans to conduct a conference call with the investment community hosted by Anderson at 9 a.m. ET today, to discuss second quarter 2016 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (866) 249-5224 or international toll: (480) 293-0664. The passcode is 4762762. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors. An audio replay of the call will be available from noon today to noon on August 9, 2016. To access the replay, dial US and Canada toll free (866) 375-1919 or International toll (719) 325-3611 and enter passcode 4762762.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2016 operating earnings guidance. It is likely that certain items that impact the company's 2016 reported results will be excluded from operating results. Reconciliations to the comparable 2016 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "projected," "aspiration" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, FERC, MPSC, NRC, and CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, terrorism or cyber attacks; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2015 Form 10-K and 2016 Forms 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company |
|||||||||||||||
Consolidated Statements of Operations (Unaudited) |
|||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
June 30, |
June 30, | ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Operating Revenues |
|||||||||||||||
Utility operations |
$ |
1,435 |
$ |
1,357 |
$ |
3,099 |
$ |
3,198 |
|||||||
Non-utility operations |
827 |
911 |
1,729 |
2,054 |
|||||||||||
2,262 |
2,268 |
4,828 |
5,252 |
||||||||||||
Operating Expenses |
|||||||||||||||
Fuel, purchased power, and gas — utility |
414 |
434 |
979 |
1,127 |
|||||||||||
Fuel, purchased power, and gas — non-utility |
717 |
769 |
1,493 |
1,774 |
|||||||||||
Operation and maintenance |
542 |
532 |
1,058 |
1,058 |
|||||||||||
Depreciation and amortization |
243 |
220 |
472 |
429 |
|||||||||||
Taxes other than income |
91 |
91 |
190 |
191 |
|||||||||||
Asset (gains) losses and impairments, net |
(1) |
18 |
(1) |
8 |
|||||||||||
2,006 |
2,064 |
4,191 |
4,587 |
||||||||||||
Operating Income |
256 |
204 |
637 |
665 |
|||||||||||
Other (Income) and Deductions |
|||||||||||||||
Interest expense |
114 |
115 |
227 |
225 |
|||||||||||
Interest income |
(3) |
(2) |
(14) |
(6) |
|||||||||||
Other income |
(57) |
(49) |
(109) |
(100) |
|||||||||||
Other expenses |
7 |
9 |
15 |
19 |
|||||||||||
61 |
73 |
119 |
138 |
||||||||||||
Income Before Income Taxes |
195 |
131 |
518 |
527 |
|||||||||||
Income Tax Expense |
50 |
26 |
133 |
148 |
|||||||||||
Net Income |
145 |
105 |
385 |
379 |
|||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
(7) |
(4) |
(14) |
(3) |
|||||||||||
Net Income Attributable to DTE Energy Company |
$ |
152 |
$ |
109 |
$ |
399 |
$ |
382 |
|||||||
Basic Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.84 |
$ |
0.61 |
$ |
2.22 |
$ |
2.13 |
|||||||
Diluted Earnings per Common Share |
|||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.84 |
$ |
0.61 |
$ |
2.22 |
$ |
2.13 |
|||||||
Weighted Average Common Shares Outstanding |
|||||||||||||||
Basic |
179 |
179 |
179 |
179 |
|||||||||||
Diluted |
180 |
179 |
180 |
179 |
|||||||||||
Dividends Declared per Common Share |
$ |
0.73 |
$ |
0.69 |
$ |
1.46 |
$ |
1.38 |
|||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
135 |
$ |
— |
$ |
135 |
$ |
99 |
$ |
12 |
C |
$ |
111 |
||||||||||||
DTE Gas |
13 |
— |
13 |
(7) |
— |
(7) |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
35 |
— |
35 |
25 |
— |
25 |
|||||||||||||||||||
Power and Industrial Projects |
15 |
2 |
A |
17 |
8 |
10 |
D |
18 |
|||||||||||||||||
Energy Trading |
(23) |
23 |
B |
— |
(3) |
6 |
B |
3 |
|||||||||||||||||
Total Non-utility operations |
27 |
25 |
52 |
30 |
16 |
46 |
|||||||||||||||||||
Corporate and Other |
(23) |
— |
(23) |
(13) |
— |
(13) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
152 |
$ |
25 |
$ |
177 |
$ |
109 |
$ |
28 |
$ |
137 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark-to-market adjustments | |||||||||||||||||||||||||
C) 2011/2012 PSCR disallowance | |||||||||||||||||||||||||
D) Contract termination | |||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
0.75 |
$ |
— |
$ |
0.75 |
$ |
0.55 |
$ |
0.07 |
C |
$ |
0.62 |
||||||||||||
DTE Gas |
0.07 |
— |
0.07 |
(0.04) |
— |
(0.04) |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.20 |
— |
0.20 |
0.14 |
— |
0.14 |
|||||||||||||||||||
Power and Industrial Projects |
0.08 |
0.01 |
A |
0.09 |
0.05 |
0.05 |
D |
0.10 |
|||||||||||||||||
Energy Trading |
(0.13) |
0.13 |
B |
— |
(0.02) |
0.03 |
B |
0.01 |
|||||||||||||||||
Total Non-utility operations |
0.15 |
0.14 |
0.29 |
0.17 |
0.08 |
0.25 |
|||||||||||||||||||
Corporate and Other |
(0.13) |
— |
(0.13) |
(0.07) |
— |
(0.07) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.84 |
$ |
0.14 |
$ |
0.98 |
$ |
0.61 |
$ |
0.15 |
$ |
0.76 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark-to-market adjustments | |||||||||||||||||||||||||
C) 2011/2012 PSCR disallowance | |||||||||||||||||||||||||
D) Contract termination | |||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
262 |
$ |
— |
$ |
262 |
$ |
235 |
$ |
12 |
C |
$ |
247 |
||||||||||||
DTE Gas |
100 |
— |
100 |
104 |
— |
104 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
65 |
— |
65 |
52 |
— |
52 |
|||||||||||||||||||
Power and Industrial Projects |
32 |
6 |
A |
38 |
41 |
10 |
D |
51 |
|||||||||||||||||
Energy Trading |
(30) |
46 |
B |
16 |
(12) |
37 |
B |
15 |
|||||||||||||||||
(10) |
E |
||||||||||||||||||||||||
Total Non-utility operations |
67 |
52 |
119 |
81 |
37 |
118 |
|||||||||||||||||||
Corporate and Other |
(30) |
— |
(30) |
(38) |
— |
(38) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
399 |
$ |
52 |
$ |
451 |
$ |
382 |
$ |
49 |
$ |
431 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark-to-market adjustments | |||||||||||||||||||||||||
C) 2011/2012 PSCR disallowance | |||||||||||||||||||||||||
D) Contract termination | |||||||||||||||||||||||||
E) Natural gas pipeline refund | |||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share (Unaudited) | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
1.46 |
$ |
— |
$ |
1.46 |
$ |
1.31 |
$ |
0.07 |
C |
$ |
1.38 |
||||||||||||
DTE Gas |
0.56 |
— |
0.56 |
0.58 |
— |
0.58 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.36 |
— |
0.36 |
0.29 |
— |
0.29 |
|||||||||||||||||||
Power and Industrial Projects |
0.18 |
0.03 |
A |
0.21 |
0.23 |
0.05 |
D |
0.28 |
|||||||||||||||||
Energy Trading |
(0.17) |
0.26 |
B |
0.09 |
(0.07) |
0.22 |
B |
0.09 |
|||||||||||||||||
— |
(0.06) |
E |
|||||||||||||||||||||||
Total Non-utility operations |
0.37 |
0.29 |
0.66 |
0.45 |
0.21 |
0.66 |
|||||||||||||||||||
Corporate and Other |
(0.17) |
— |
(0.17) |
(0.21) |
— |
(0.21) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
2.22 |
$ |
0.29 |
$ |
2.51 |
$ |
2.13 |
$ |
0.28 |
$ |
2.41 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark-to-market adjustments | |||||||||||||||||||||||||
C) 2011/2012 PSCR disallowance | |||||||||||||||||||||||||
D) Contract termination | |||||||||||||||||||||||||
E) Natural gas pipeline refund | |||||||||||||||||||||||||
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, July 20, 2016 /PRNewswire/ -- As Michigan's economy continues to grow and become more competitive, the ability to find candidates with the right skills and experience remains a challenge for businesses. DTE Energy and the DTE Energy Foundation, the philanthropic arm of DTE Energy, are providing opportunities for 1,000 young adults and teens to obtain the skills and knowledge to fill jobs in Michigan.
While DTE Energy's student intern/co-op program runs throughout the year, hiring increases in the spring to fill summer jobs. The company typically employs an average of 400 students each summer to fill jobs in the gas and electric businesses as well as in engineering, information technology, human resources, supply chain and communications. Over the past 11 years, more than 3,700 students have been hired into these programs.
"DTE Energy is a leader in workforce development and our summer jobs program exemplifies those efforts," said Larry Steward, senior vice president, Human Resources. "By providing students with meaningful learning experiences and on-the-job skills training, we are helping prepare them to enter the workforce and ultimately building a strong talent pipeline for DTE and the state of Michigan."
Approximately 50 percent of workers in Michigan's energy sector will retire over the next five to seven years, making it vital to train the next generation of employees.
Beyond DTE's student programs, since 2003, the DTE Energy Foundation has donated more than $4.5 million to support summer employment initiatives, impacting more than 2,000 young people. This year, the Foundation has provided nearly $900,000 in grants to fund nearly 600 work opportunities with more than 50 nonprofits in and around Detroit and Greater Michigan from June through August 2016 by partnering with:
"The DTE Energy Foundation sees this as an investment in the future of our state. It's an investment in our children, businesses and communities," said Faye Nelson, vice president of DTE Energy and board chair and president of the DTE Energy Foundation. "Through the summer jobs initiative, we are able to provide education, real-life experiences and opportunities to young adults that positively impact their lives as well as the communities where we live and serve."
About the DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy, continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.2 million electric customers in Southeast Michigan and 1.2 million natural gas customers in Michigan. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. http://www.dteenergy.com/foundation.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy/.
Photo - http://photos.prnewswire.com/prnh/20160719/391198
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy; DTE Energy Foundation
DETROIT, July 13, 2016 /PRNewswire/ -- DTE Energy customers participating in the company's energy efficiency offerings in 2015 will save nearly $600 million across all programs, including free home and business consultations, lighting discounts at local retailers and rebates on high-efficiency heating and air conditioning equipment as well as ENERGY STAR® appliances.
Many other initiatives, including the free DTE Insight app – which allows customers to monitor real-time energy use from their smartphones – and a PowerScan tool to view energy consumption from any appliance, also contributed to the savings.
Customers participating in these programs have saved enough electricity to power about 460,000 homes and enough natural gas to heat more than 200,000 homes. The programs also have reduced greenhouse gas emissions, estimated to be the equivalent to more than 546,000 cars driven in one year.
"DTE energy efficiency programs save our customers money, reduce energy waste and improve the environment – all while creating jobs and supporting local businesses throughout Michigan," said John Boladian, director of energy optimization at DTE Energy. "The savings start from the moment customers install a high-efficiency light bulb or energy efficient water heater, and lasts over the lifetime of their energy-saving upgrades. Customers benefit immediately from discounts or rebates, and from long-term savings on their energy bills."
DTE's free Business Energy Consultation is one way customers save. "A DTE energy expert did a walk-through of my business, installed free energy efficient lights, water-saving aerators and gave me free advice on how to save even more," said Fenton Brown, owner of Fenton's Jamaican Jerk Chicken restaurant in Southfield. "Now I'm saving over 20 percent on my energy bill."
Customers who have invested in larger energy efficiency projects include the Kentwood Public Schools. With the improvements made, the school district received $114,000 in DTE incentives and reduced its monthly energy costs by up to 25 percent.
More information on savings and programs are available in DTE's 2015 Energy Optimization Report at dteenergy.com/eoannualreport. DTE accomplishments highlighted in the report include:
For energy efficiency information, residential customers can visit dteenergy.com/saveenergy and business customers can visit dteenergy.com/savenow. DTE energy efficiency program information is also available by calling 866.796.0512. Customers interested in downloading the free DTE Insight app with an iPhone, Apple Watch, or Android phone, and have the smart meter, can go to the App Store or Google Play.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, July 13, 2016 /PRNewswire/ -- DTE Energy customers participating in the company's energy efficiency offerings in 2015 will save nearly $600 million across all programs, including free home and business consultations, lighting discounts at local retailers and rebates on high-efficiency heating and air conditioning equipment as well ENERGY STAR® appliances.
Many other initiatives, including the free DTE Insight app – which allows customers to monitor real-time energy use from their smartphones, and a PowerScan tool to view energy consumption from any appliance – also contributed to the savings.
Customers participating in these programs have saved enough electricity to power about 460,000 homes and enough natural gas to heat more than 200,000 homes. The programs also have reduced greenhouse gas emissions, estimated to be the equivalent to more than 546,000 cars driven in one year.
"DTE energy efficiency programs save our customers money, reduce energy waste and improve the environment – all while creating jobs and supporting local businesses throughout Michigan," said John Boladian, director of energy optimization at DTE Energy. "The savings start from the moment customers install a high-efficiency light bulb or energy efficient water heater, and lasts over the lifetime of their energy-saving upgrades. Customers benefit immediately from discounts or rebates, and from long-term savings on their energy bills."
DTE's free Business Energy Consultation is one way customers save. "A DTE energy expert did a walk-through of my business, installed free energy efficient lights, water-saving aerators and gave me free advice on how to save even more," said Fenton Brown, owner of Fenton's Jamaican Jerk Chicken restaurant in Southfield. "Now I'm saving over 20 percent on my energy bill."
Customers who have invested in larger energy efficiency projects include the Kentwood Public Schools. With the improvements made, the school district received $114,000 in DTE incentives and reduced its monthly energy costs by up to 25 percent.
More information on savings and programs are available in DTE's 2015 Energy Optimization Report at dteenergy.com/eoannualreport. DTE accomplishments highlighted in the report include:
For energy efficiency information, residential customers can visit dteenergy.com/saveenergy and business customers can visit dteenergy.com/savenow. DTE energy efficiency program information is also available by calling 866.796.0512. Customers interested in downloading the free DTE Insight app with an iPhone, Apple Watch, or Android phone, and have the smart meter, can go to the App Store or Google Play.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, July 12, 2016 /PRNewswire/ -- DTE Energy (NYSE:DTE) will announce its second quarter earnings before the market opens Tuesday, July 26, 2016.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (866) 249-5224 or international toll: (480) 293-0664. The passcode is 4762762. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
TRAVERSE CITY, Mich., July 8, 2016 /PRNewswire/ -- It was 1956 when Elvis Presley first hit the music charts with "Heartbreak Hotel."
While that musical icon certainly had an impact on youngsters in Traverse City that year, 1956 also marked when Michigan Consolidated Gas Co., now DTE Energy, converted a number of small towns from liquefied petroleum gas to natural gas.
Traverse City, Ludington and Cadillac all became part of the MichCon family, which has grown to approximately 320 employees and more than 330 retirees who work and live in Northern Michigan and the Upper Peninsula.
One of those retirees is John Bristol, who remembers like it was yesterday when Traverse City first became a part of the MichCon natural gas system.
"I think we had around 1,000 customers back when I first started and I can't believe the expansion that's taken place beyond Traverse City into the surrounding areas," Bristol said. "We had a motto that the customer comes first and whatever time of the night, we would go out and take care of their concern."
That customer service philosophy continues today for the nearly 30,000 DTE customers in Grand Traverse County, and the 1.2 million customers throughout Michigan.
Today, DTE Energy prides itself on its community involvement and support, which emphasizes DTE Energy's strong commitment to education and the environment:
The DTE Energy Foundation Cherry Royale Parade will headline the annual National Cherry Festival for the 15th consecutive year. With nearly 150 entries, the parade is one of the Midwest's largest and a great event for the community. An estimated 70,000 to 80,000 spectators are expected to attend the parade.
Now adorned with a banner stating, "Proudly serving the Traverse City community for 60 years," the Foundation's float theme, "Committing our Energy to Traverse City," returns for a second year reflecting DTE's dedication to making the Traverse City region a great place to live, work and play.
DTE Energy employees are known for their volunteerism and support for organizations that make a positive difference in a community's quality of life. Every year, employees dedicate thousands of hours to make a difference. In 2015, they participated in more than 100 volunteer events.
DTE Energy and the DTE Energy Foundation also invest in summer programs and high school partnerships that connect youth to skilled trade careers. These initiatives will be integrated into a broader development and mentorship program that connects students to specific training, apprenticeships and employment opportunities.
"It's been a great partnership with the city and its residents since 1956 and we're looking forward to the next 60 years," said Barbara Rykwalder, DTE Energy's regional manager in Traverse City. "DTE Energy has a rich history in the communities we serve and it's been a privilege to serve them."
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy/.
Photo - http://photos.prnewswire.com/prnh/20160708/387377
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, July 7, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) continues its comprehensive response following the incident at the DTE Energy Rouge Complex in Melvindale on Saturday, July 2. DTE offers the following update:
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, July 6, 2016 /PRNewswire/ -- DTE Energy has surpassed its first quarter target and is on track to fulfill its pledge to bring more work back to the state by spending more than $1 billion with Michigan-based companies this year. DTE's Chairman and CEO Gerry Anderson today announced that through the month of May, DTE spent more than $480 million with Michigan-based companies, well above its first quarter target of $333 million. As a result, the company has revised its 2016 forecast upward to between $1.1 and $1.2 billion.
"Our efforts to transfer our purchases to local suppliers began during the economic downturn in 2010," said Anderson. "Over the past five years, we have increased our spend with Michigan suppliers from $475 million in 2010 to $945 million in 2015. This is a cumulative increase of $1.7 billion that has created 8,500 new jobs as a result. As we deepen our ties to Michigan's supplier base, cost and quality remain priorities, and we've found that Michigan's companies are able to match or beat companies from around the country in these areas."
DTE is accomplishing this while ensuring low costs and high quality, demonstrating Michigan's overall competitiveness.
"A great example of our work in this area is a minority-owned company called URG. URG is a company that locates gas lines so that construction workers don't damage them," Anderson said. "When we began working with them more than six years ago, they were a start-up with a handful of employees. Today they have 462 employees and are one of our best contractors in this area."
DTE has also made a commitment to support businesses within the city of Detroit, by increasing spend with Detroit-based suppliers, as well as with minority and women-owned businesses. DTE has doubled its Detroit spend over the past five years from $80 million to $160 million. So far this year, the company has spent $112 million within the city.
According to Anderson, one of DTE's top Detroit suppliers is Detroit Labs LLC. The company helped DTE develop its new Energy Outage Tracker app. The app lets customers report outages, track the process as power gets restored, and find places with the lights still on while they wait.
"With the option of tech companies across the U.S., including experts from Silicon Valley, we chose to keep our spending right here in Michigan. When Detroit companies like Detroit Labs succeeds, DTE succeeds, and all of Michigan succeeds," Anderson said.
In addition to the company's Michigan and Detroit spend, DTE is also committed to developing a diverse, inclusive supply base. DTE's Supplier Diversity program is part of its overall business strategy to help the company – and the businesses that support them – succeed in an increasingly competitive environment. The company provides minority, women-owned and military veteran-owned firms with advocacy, training, mentoring and business opportunities and development experiences. DTE also has doubled its efforts with minority and women-owned businesses, having gone from $175 million in 2011 to $370 million in 2015.
"DTE works day in and day-out to provide affordable, reliable service to our customers and it's even more rewarding when we deliver on this promise while investing in Michigan-based businesses. In 2015, we exceeded our goal, and we're doing it again in 2016, helping to drive the Michigan economy," said Anderson. "Working with our suppliers every step of the way allows both DTE and its partners to achieve great things. The collective efforts bring new businesses and jobs to Michigan, while strengthening the vitality of our communities."
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dteenergy and facebook.com/dteenergy.
Logo- http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, July 5, 2016 /PRNewswire/ -- The Edison Electric Institute (EEI) has honored DTE Energy with its prestigious 2016 EEI Supplier Diversity Excellence Award -- one of the highest supplier diversity honors in the energy business. In announcing the award, EEI noted DTE's efforts to promote diverse businesses, and its progressive program to attract, develop and retain diverse suppliers.
"DTE's supplier diversity efforts focus on being inclusive, creating meaningful business partnerships and fostering sustainable economic growth for small businesses -- the sector that creates most of the nation's jobs," said Sandy Ennis, vice president, Diversity and Inclusion, DTE. "This is true economic gardening, and is vital to the success of our economy where 98 percent of the state's firms are small businesses that collectively employ more than half of Michigan's private sector workforce."
Criteria for the award included innovation in employee engagement with supplier diversity; commitment to coaching, mentoring and training diverse suppliers; designated supplier diversity staff; outreach to internal and external target groups; and measurable goals and objectives.
"DTE advocates for minority- and women-owned firms, providing training, mentoring, business opportunities and developmental experiences," said Tony Tomczak, chief procurement officer, DTE. "Our mentoring programs help ensure the long-term health of our suppliers, as these suppliers collaborate with DTE employees who help them develop a business plan, provide support to help resolve issues, and remove roadblocks."
In addition to the mentoring DTE provides, the company is also putting its dollars to work in communities throughout Michigan. Over the past five years, DTE has spent more than $1.5 billion with diverse businesses and is doing business with more than 180 diverse suppliers. Last year alone, DTE spent almost $370 million with certified diversity suppliers.
"We are proud of the focus DTE has on the communities we serve and the suppliers who partner with us. These efforts provide critical support in our communities, and they also make us a better and more competitive company," added Tomczak.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, June 30, 2016 /PRNewswire/ -- DTE Energy and DNV GL, DTE's energy efficiency experts for business customers, partnered to save the Capuchin Soup Kitchen in Detroit nearly 20 percent on its annual energy bills. The non-profit serves 1,500 meals a day to Detroit's hungry.
DNV GL, donated all of the equipment, including energy-efficient commercial ovens, fryers, a dishwasher, natural gas water heaters and LED lighting. The project is an example of what restaurants and other businesses can do with financial incentives provided through DTE's energy efficiency program, which will save participating customers nearly $600 million long term.
The Capuchin Soup Kitchen is expected to save more than $4,000 annually on its energy costs.
Throughout the three-month energy makeover, DTE and DNV had to ensure the Capuchin Soup Kitchen, on Conner Street in Detroit, could remain operational, as the organization serves three meals a day, six days a week.
"We identified the Capuchin Soup Kitchen as an ideal candidate for the project because its kitchen is in constant use and serves 300,000 meals every year," said Kevin Dunbar, assistant operations manager for DNV GL. "The Capuchins have a great opportunity to save on their energy bills and turn that savings into more help for the Detroit-area community. We will continue to work with the organization to maximize those savings."
The Michigan restaurant business is projected to grow 5 percent this year, according to the National Restaurant Association, and Detroit's booming restaurant scene is providing jobs and economic opportunity for the city. DTE has nearly 30 incentives that address food service and refrigeration needs, as well as many others directed at lighting and heating and cooling equipment.
"This great partnership resulted in the Capuchins already saving on their energy bills," said Ken Randazzo, DTE Energy's Energy Partnership manager. "We want the restaurant community, the entire business community and non-profit organizations to know that our incentive programs can help them in the same way."
Now that the project is complete, DTE and DNV GL are working with Capuchin officials to use the Conner location as a demonstration site showcasing the latest in energy-efficient cooking and lighting equipment, as well as hosting energy seminars and tours. In addition, DNV GL is remotely measuring and verifying energy savings resulting from the upgrades.
"Our partnership with DTE Energy and DNV GL has been beneficial in a number of ways," said Brother Jerry Smith of the Capuchins. "We have reduced energy bills and we can put those savings into further helping the community, plus we help the environment by using less energy."
Business customers can learn more about DTE Energy incentives at energy efficiency.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy/.
About DNV GL
Founded in 1864 with 16,000 employees in more than 100 countries, DNV GL is a global leader in energy, maritime, oil and gas, business assurance and software. Its Energy division provides testing, certification and advisory services for utilities and other organizations. DNV GL's expertise spans wind power, solar, conventional energy generation, transmission and distribution, smart grids and sustainable energy use, including renewable energy. DNV GL is driven by one purpose: to safeguard life, property and the environment, and to work as a partner with clients to become safer, smarter and greener. Learn more at dnvgl.com/energy.
Photo - http://photos.prnewswire.com/prnh/20160630/385272
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, June 28, 2016 /PRNewswire/ -- Against the backdrop of historic and restored buildings, a transformation began today as DTE Energy broke ground and shared its plan for a 1.5 acre public park to energize the western edge of downtown Detroit. The park will serve as a vibrant green space to anchor the emerging neighborhood, spur economic development and provide a spot for residents, visitors and employees to gather, play, eat and enjoy entertainment.
"We see this as an opportunity to create connectivity in an area of the city that has 'lived on an island' for decades. Our vision and promise is to transform this piece of land into a magnificent public green space that will benefit the city and its people for generations to come," said Gerry Anderson, DTE Energy chairman and CEO. "This park will serve as a catalyst for future development, and builds upon our strong roots in the community. For more than a century, DTE has been an integral piece of Detroit's history and we see this as a continuation of our efforts to be a force for growth and prosperity in the city's revitalization."
The park will feature a year-round restaurant and a central lawn with intimate walking paths and areas to sit, relax and recharge; a multiuse space for outdoor, programmed activities; a roll-in stage for performances; areas for food truck vendors; and bicycle parking.
"For all of the construction and redevelopment we are seeing in greater downtown, providing access to green space is just as important to our city's growth," said Detroit Mayor Mike Duggan. "Thank you to DTE for building this incredible new multi-use park that will help to link downtown with the arena district and bring us another step closer to having a world-class walkable city."
During the groundbreaking, Anderson revealed the new renderings for the park and the restaurant. The contemporary building, which will have three moveable walls that can open during the warmer seasons, will offer:
DTE will work with the Downtown Detroit Partnership to develop park programming and identify a restaurant operator to attract visitors of all ages.
The park is scheduled for completion in 2017. The construction costs are being funded by a separate non-utility DTE business, not by customers. A crowd-sourcing campaign will be held closer to the grand opening to solicit suggestions from the community to name the park.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide.
Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. For more information about DTE Energy, visit dteenergy.com twitter.com/dte_energy and facebook.com/dteenergy.
Logo- http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, June 23, 2016 /PRNewswire/ -- The DTE Energy Board of Directors today declared a $0.77 per share dividend on its common stock payable Oct. 15, 2016, to shareholders of record at the close of business Sept. 19, 2016.
This is a $0.04 per share, or 5.5 percent, increase from the previous quarterly dividend of $0.73 per share and reflects the Board's and management's confidence in DTE's long-range growth plan. The new annualized dividend is $3.08, up from $2.92. DTE Energy has issued a cash dividend for more than 100 years, dating back to the early twentieth century.
"We recognize the value of our long history of dividend growth and the role it plays in delivering above-average shareholder returns," said Gerry Anderson, DTE Energy chairman and CEO. "This dividend increase approved by our board of directors marks seven consecutive years DTE has increased its dividend payout, signaling a vote of confidence in the company's financial strength."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, June 21, 2016 /PRNewswire/ -- DTE Energy released its 2015-2016 Corporate Citizenship Report today, detailing the company's commitment to fundamentally modernizing the energy industry by investing in natural gas, wind, and solar technologies and upgrading gas and electric infrastructure to continue providing customers with safe and reliable service.
"DTE Energy's aspiration is to be the best-operated energy company in North America and a force for growth and prosperity in the communities where we live and serve," said Gerry Anderson, DTE Energy chairman and CEO. "Our 2015-2016 Corporate Citizenship Report tells the story of how we are working to build a better future for Michigan and the communities in which we operate across the country."
The report, entitled "A Force for Growth & Prosperity," is available to download at www.dtecitizenship.com. Key DTE accomplishments highlighted in the report include:
DTE Energy's 2015-2016 Corporate Citizenship report was prepared in accordance with the Global Reporting Initiative's GRI G4 guidance, which enables organizations to measure and understand their most critical impacts on the environment, society and the economy. In addition to the web-based report, DTE has published a Highlights summary, also available at dtecitizenship.com. The public is welcome to provide feedback at citizenship@dteenergy.com.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. More information about the company's corporate citizenship is available at dtecitizenship.com. Additional information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Photo - http://photos.prnewswire.com/prnh/20160621/381870
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, June 20, 2016 /PRNewswire/ -- As severe weather season in Michigan approaches, DTE Energy reminds customers that now is the perfect time to prepare for the possibility of power outages in the months ahead.
Historically, Michigan's most severe weather has occurred during the months of July and August. Thunderstorms, high winds and lightning all can damage power lines and other equipment, resulting in power outages. While DTE Energy works year-round to make its system more resilient to storm damage, being prepared can make an outage easier to deal with.
"We've upgraded the electric system in more than 450 areas across this region," said Heather Rivard, vice president of Distribution Operations for DTE Energy. "These improvements mean fewer power outages, getting the lights on faster following storms, and more reliable service for our customers every day. Even with these ongoing improvements, storms can still damage the electric system and cause outages. That's why we urge customers to be prepared."
DTE Energy offers seven tips to help customers stay safe and informed during outages.
"Keeping customers and employees safe around electricity is DTE Energy's number one priority," Rivard said. "When severe weather strikes, we can all stay safer by being prepared for the possibility of outages."
For more information, customers can visit at dteneergy.com/outage
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, June 14, 2016 /PRNewswire/ -- June is National Safety month, dedicated to helping prevent the more than 400 electrocutions that occur in the United States each year. With the arrival of summer, DTE Energy reminds customers to be safe around electricity, especially when working or playing outdoors.
"Safety is always DTE Energy's first priority," said Heather Rivard, vice president of Distribution Operations for DTE Energy. "While the electricity we provide is vital to our customers, it can also be dangerous. During the summer months especially, it's important for everyone to be mindful of their surroundings and consider safety first, at all times."
DTE offers these tips to help customers be safe around electricity:
While DTE Energy works year-round to provide customers with reliable service, this season also brings the possibility of severe weather which can cause outages. By following these tips, customers can stay safe in the aftermath of severe storms.
For more information on electrical safety, visit dteenergy.com
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, June 8, 2016 /PRNewswire/ -- DTE Energy today announced it will retire eight coal-fired energy generating units at three sites in Michigan within the next seven years. Slated for retirement, between 2020 and 2023, are the River Rouge facility, the St. Clair facility in East China Township, and the Trenton facility. Combined, these three plants generated about 25 percent of the electricity produced by DTE in 2015 -- enough to power 900,000 homes.
The retirements are part of an overarching fundamental transformation in the way DTE will produce energy for Michigan. Earlier this year, DTE retired three coal generating units due to age and projected future costs. With today's announcement, the company will retire 11 of its 17 coal-fired units by 2023.
"The way DTE generates electricity will change as much in the next 10 years as any other period in our history. We will replace 11 aging coal-fired generating units at three facilities built in the 1950s and 1960s with a mix of newer, more modern and cleaner sources of energy generation such as wind, natural gas and solar," said DTE Energy Chairman and CEO Gerry Anderson. "DTE Energy will work with the state of Michigan on a plan that ensures electric reliability for our 2.2 million customers, places a premium on affordability, and is seamless for our employees and the communities that are home to these plants."
DTE is also working on legislation to ensure the state has adequate generating capacity as power plant closures continue in Michigan and across the broader region. This is important given that 10 percent of Michigan's power is supplied by marketers who depend upon excess supply from plants like those being retired.
The plants slated for closure served customers, communities and the state for decades, powering an era of rapid growth in Michigan, providing jobs for residents, and contributing significant revenue for municipal services and community activities. DTE is working with the communities impacted by the plant retirements, and will transition employees working at these plants into new roles at other facilities.
The company has already taken steps toward transforming its energy generation. Over the past five years, DTE has built significant renewable energy production which now accounts for 10 percent of the company's total sales. In recent months it broke ground on one of the largest solar arrays east of the Mississippi River located in Lapeer, Mich., and announced plans to develop a solar array on vacant land in Detroit. DTE's investments in renewable energy in Michigan provide enough clean energy to power more than 400,000 homes.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. For more information about DTE Energy, visit dteenergy.com; twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
DETROIT, May 24, 2016 /PRNewswire/ -- DTE Energy has installed the first of nearly 200,000 total solar panels to be located at the company's two solar projects in Lapeer, Michigan. The solar parks, capable of providing enough clean energy to power more than 9,000 homes, demonstrate DTE's commitment to bring more clean energy to Michigan.
DTE's Lapeer solar projects will create approximately 150 temporary jobs during construction and more than five permanent jobs once the projects are operational. The projects are expected to be completed by the end of 2016.
"DTE Energy is Michigan's leading provider of solar energy, and the Lapeer solar projects further our commitment to clean energy. Through the development of renewable energy projects, like solar, we are building a more sustainable future for Michigan and providing affordable, reliable, safe and clean energy to our customers," said Irene Dimitry, vice president of Business Planning and Development for DTE Energy.
The larger of DTE's Lapeer solar projects, located on approximately 150 acres off Demille Road, is one of the largest utility-owned solar arrays east of the Mississippi River and more than 15 times larger than any other solar installation in Michigan. The second project is located off Turrill Road on 100 acres of land. All of the power generated by these facilities will be fed into the energy grid and distributed to those who need it.
"The City of Lapeer is honored to join DTE in celebrating this milestone," said William Sprague, mayor of the City of Lapeer. "We are proud of Lapeer's contribution to bringing more green energy to Michigan and to creating a cleaner environment for our community and for the state."
DTE has three other solar projects currently under development in Ypsilanti, at the GM Warren Transmission plant and in Detroit. By the end of the year, DTE will have 31 solar parks in operation capable of generating enough clean energy to power more than 14,000 homes.
The addition of these five solar projects will position DTE Energy to exceed a state mandate requiring electric utilities to supply 10 percent of their electricity from renewable energy sources.
DTE is Michigan's largest investor in renewable energy, including wind and solar, having driven investments of more than $2 billion since 2008, with $67 million of that spent to develop solar arrays. Today, DTE's entire renewable energy portfolio provides enough clean energy to power more than 400,000 homes.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, May 19, 2016 /PRNewswire/ -- DTE Energy today celebrates the grand opening of the new Huron Renewable Energy Center in Bad Axe, bringing 25 renewable energy operations and maintenance jobs to Huron County. The facility, vacant since 2013, has a long-standing history in Huron County as the former Normans Warehouse and the site of the M-53 Drive-In Theater, which opened in 1952. DTE's renovations of the building transformed the space into a fully-functioning renewable energy operations headquarters.
"We are excited to breathe new life into a building located on a site that has been a landmark in Bad Axe for years, and to provide yet another example of how renewable energy provides economic benefits to the local community," said David Harwood, director of Renewable Energy for DTE Energy.
The newly-renovated Huron Renewable Energy Center includes new offices, garage facilities, warehousing and a maintenance shop area. The facility also has an unfinished 3,000 square-foot space that DTE plans to develop into a community space to serve as an area for renewable energy education and hosting wind park tours, meetings and other community activities. Plans are expected to be finalized this year, with completion of the space in 2017.
The center's proximity to DTE's wind parks and solar arrays in the Thumb region enables the operations team to respond more quickly to maintenance needs. The new location also increases accessibility of the operations team to the community and landowners, especially during the construction of the Pinnebog Wind Project, an expansion of DTE's Echo Wind Park, which is underway and expected to be complete by the end of the year.
"DTE has served Huron County residents as its energy provider since 1936 and as a renewable energy developer in the county since 2011. The opening of the Huron Renewable Energy Center deepens our commitment of service to this region as both an energy provider and corporate citizen for many years to come," said Harwood.
DTE is Michigan's largest investor in clean energy, including wind and solar, having driven investments of more than $2 billion since 2008. DTE currently owns and operates four wind parks and three solar arrays in Huron County, and owns two wind parks and 23 solar arrays in other areas of the state.
Today, DTE's entire renewable energy portfolio is capable of providing enough clean energy to power more than 400,000 homes. The portfolio includes facilities owned and operated by DTE, along with contracts to purchase power from third-party developers in Michigan. All of the power generated by these facilities is fed into the energy grid and distributed to those who need it.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide.
Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Photo - http://photos.prnewswire.com/prnh/20160519/369753
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, May 11, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) has started a registered exchange offer to exchange up to $300 million aggregate principal amount of its 3.3 percent senior notes due 2022, which have been registered under the Securities Act of 1933 for all outstanding 3.3 percent senior notes due 2022 which were issued and sold by DTE Energy in June 2015 in a private placement offering.
The sole purpose of this exchange offer is to fulfill DTE Energy's obligations with respect to the registration of the notes issued in the private placement.
The exchange offer is contemplated in a registration rights agreement entered into by DTE Energy in connection with the private placement under which DTE Energy agreed to register substantially identical notes, and to offer to exchange these registered notes for the existing notes issued in the private placement. The registration statement on Form S-4, as amended, pursuant to which the notes were registered was declared effective by the Securities and Exchange Commission on May 9, 2016.
The exchange notes will have substantially the same form and terms as the outstanding notes, except that the exchange notes are registered under the Securities Act of 1933, as amended, and the transfer restrictions, registration rights and additional interest provisions relating to the outstanding notes will not apply to the exchange notes. Any outstanding notes not exchanged will continue to have restrictions on transfer. Terms of the exchange offer are contained in the exchange offer prospectus and letter of transmittal.
The exchange offer will expire at 5 p.m. EDT June 9, 2016, unless the exchange offer is extended by DTE Energy.
Copies of the exchange offer prospectus and the letter of transmittal may be obtained from the Exchange Agent, The Bank of New York Mellon Trust Company, N.A., at 315-414-3362. This announcement is not an offer to sell any securities or a solicitation of any offer to buy any securities. The exchange offer will be made only by means of a written prospectus.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "projected," "aspiration" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the DTE Energy 2015 Form 10-K and 2016 Form 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, May 5, 2016 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.73 per share dividend on its common stock payable July 15, 2016, to shareholders of record at the close of business June 20, 2016.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, May 3, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) and Vectorform announced today a partnership to leverage virtual reality (VR) to advance high-consequence training. The technology allows DTE technicians to train on a number of simulated work enviornments -- including how to operate at great heights, repair down wires and perform gas line shut-offs -- all from the safety of their offices.
"Vectorform is committed to delivering innovative digital products and experiences, and this application is leading the way for energy companies nationwide to focus on performance and safety," said Jason Vazzano, CEO of Vectorform. "We are excited to once again partner with DTE Energy to drive an industry first and integrate the HTC Vive platform into the energy company's workforce training programs."
Over the next year, Vectorform and DTE Energy will begin implementing VR training using the innovative HTC Vive® platform, currently used in many gaming applications. By wearing the Vive headset, technicians will be able to:
"DTE Energy is focused on next generation technology to advance how we approach every aspect of our business – including ways to improve safety for our customers and, of course, for our employees," said Shawn Patterson, vice president and chief learning officer for DTE Energy. "Through this partnership, we are able to advance our goal of offering the most effective, value-added training available in the workplace. Technicians will practice in simulated hazardous situations, all while improving task performance, enabling DTE to continue to deliver the best customer service across Michigan."
About the Partnership
Vectorform and DTE Energy began their partnership in 2015 and launched Powerley – a mobile app and hardware solution that allows consumers to instantly measure energy consumption in their homes with real-time insights, tips and coaching on how to reduce their energy consumption. It was a first for the energy industry, and cemented a partnership of invention, and innovation, for both companies.
About Vectorform
Vectorform invents digital products and experiences for the world's leading brands with a focus on Mobile, Internet of Things, Smart Home, Connected Vehicle and Wearable Technology. Founded in 1999, Vectorform has five global offices: Detroit, New York, Seattle, Munich and Hyderabad. Visit Vectorform.com and connect on Facebook, Twitter, LinkedIn, and Google+.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
SUISUN CITY, Calif., May 2, 2016 /PRNewswire/ -- Potrero Hills Energy Producers, a partnership between DTE Biomass Energy Inc. and Pacolet Milliken Enterprises, recently started generating electricity from landfill gas.
This cleaner source of electricity comes from a newly constructed renewable energy facility at the Potrero Hills Landfill in Suisun City, Calif.
DTE Biomass Energy, the developer and operator of the project, declared commercial operation of the 8-megawatt facility at the landfill, which is operated by Waste Connections Inc. of The Woodlands, Texas. Gas generated at the landfill will be used to produce renewable energy for Pacific Gas & Electric under a long-term purchase agreement.
The power plant uses advanced engine-generating technology to deliver enough renewable electricity to power 10,000 California homes.
"We're looking forward to working with our partner, Waste Connections, and becoming a valued member of the Solano County business community," said Mark Cousino, DTE Biomass Energy president. "We're proud to bring the latest in landfill gas technology to this project."
The landfill gas-to-energy facility is equipped with advanced environmental controls that treat incoming landfill gas to reduce sulfur content prior to combustion, thereby reducing emissions of sulfur dioxide. Post-combustion catalytic reduction, not unlike a vehicle's catalytic converter system, further lowers carbon monoxide and formaldehyde emissions.
"This project will help California meet its renewable energy goals and we're proud to be a part of that," said Ralph Walker, executive vice president, Pacolet Milliken Enterprises. "Converting waste to power is good for the environment and the community."
About DTE Biomass Energy Inc.
Based in Ann Arbor, Mich., DTE Biomass Energy is one of the leading landfill gas-to-energy companies in the United States. Since 1988, DTE Biomass has built, developed, owned and operated landfill gas recovery systems and landfill gas to energy projects providing environmentally sustainable products to the market. The company owns and operates a diversified portfolio of landfill gas projects across eight states, collectively representing nearly 100 MWe of base load renewable energy capacity. DTE Biomass Energy is a wholly owned subsidiary of DTE Energy (NYSE: DTE), a diversified energy company involved in the development and management of energy-related businesses and services nationwide. More information about DTE Biomass Energy is available at www.dtepowerandindustrial.com.
About Pacolet Milliken Enterprises Inc.
Pacolet Milliken Enterprises Inc. is a private, family owned investment company with a history that dates back, through Milliken & Company, to the 1860s. The Greenville, S.C.-based company was founded as a separate corporate entity in 2007 with a forward-looking mandate to preserve and grow its assets with a bias for quality and a multi-generational outlook. The company aligns capital, market expertise and investment experience to own and operate investments within niche segments of the energy and utility infrastructure sector.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 28, 2016 /PRNewswire/ -- DTE Energy received the 2015 American Gas Association's (AGA) Safety Achievement Award for excellence in employee safety.
The award recognizes companies that have the lowest number of injuries and illnesses as measured by the Federal Occupational Safety and Health Administration (OSHA).
The American Gas Association criteria also require award-winning companies to have lower-than-industry-average injury rates.
"This was achieved through constant collaboration and strong partnerships with our local union leadership," said Mark Stiers, president and chief operating officer, DTE Gas. "Together, we embrace the principle of 200 percent accountability – that employees are 100 percent responsible for their own safety and 100 percent responsible for the safety of those around them, including the public and our customers."
That 200-percent accountability principle led to a 64 percent decline in recordable injuries from 2014 to 2015, and the number is even lower to date in 2016.
"The men and women who operate America's natural gas delivery systems play a pivotal role in safely and reliably delivering this clean energy source to nearly 69 million customers every day," said AGA President and CEO Dave McCurdy. "Protecting this skilled and valuable workforce is essential as we work to achieve the highest possible level of service for our customers. I applaud DTE Energy and commend them for their strong safety record."
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 27, 2016 /PRNewswire/ -- Powerley, a joint venture formed in 2015 by DTE Energy and Royal Oak-based Vectorform, has hired Manoj Kumar as its Chief Executive Officer. Over the course of the last year, in addition to recruiting Kumar, Powerley has grown its operation, now employing nearly 20 employees, and moving into new office space in downtown Royal Oak.
The startup is pioneering the way homeowners manage their energy by developing a technology platform that provides their energy usage as it occurs, coaching tips and recommendations to optimize usage, and the ability to control smart devices in the home. This technology platform connects a homeowner's smart meter to Powerley's Energy Bridge and smartphone mobile application to provide real-time, energy consumption information, allowing the consumer to more efficiently use energy and see immediate cost savings.
Vectorform, a leading global design and technology firm, in partnership with DTE Energy, created Powerley in 2015 with the goal of developing the industry's most effective energy-efficiency mobile platform. The company was born from the successful 2014 launch of the DTE Insight app, the first technology of its kind that gives DTE customers the ability to monitor their energy use as they consume it.
With the technology platform now part of Powerley's product offerings, the company hopes to offer this platform to other utilities around the world, citing DTE's success with the application. To date, more than 150,000 DTE customers downloaded the award-winning Insight app to significantly improve home energy consumption and increase energy savings.
"With the successful launch of the DTE Insight app, we knew we needed the right talent and leader to realize the potential both Vectorform and DTE saw in Powerley when the joint venture was formed," said Jason Vazzano, co-founder and CEO of Vectorform. "Manoj brings the right blend of entrepreneurial drive, technical knowledge and business savvy to capitalize on growing consumer demand nationwide."
Kumar, most recently a partner at McKinsey & Company's Silicon Valley office, has more than two decades of experience in the high-tech space. In his role leading Powerley, Kumar will be responsible for growing the startup into a multi-product, multi-solution company focused on working with utilities to further consumer availability of real-time, energy monitoring applications. Powerley plans to launch its secure, cloud-based platform in May, improving on the overall functionality of the platform and giving utilities a true turnkey solution that can be deployed rapidly for their customers.
Powerley's entry into the home energy management market is timely, noted by multinational consulting firm Accenture, "as studies show 60 percent of consumers want home energy management services and almost all would be interested in acquiring them if their utility provided the option." With the exception of Powerley, most home energy management systems are not led by utilities.
"This is an evolving market, and we're on the edge of incredible growth," Kumar stated. "The home automation market has an incredibly high amount of fragmentation, coupled with unbelievable opportunity. Powerley has proven success through unprecedented collaboration with DTE Energy, one of Michigan's largest utilities, and we plan to build on that success globally."
"There is a significant market in the United States for smart home and energy-related devices, and other utilities have expressed interest to license or purchase the technology," said Dave Meador, vice chairman, DTE Energy. "We're looking forward to Manoj's work, leadership and expertise to lead Powerley and make this technology available to consumers nationwide."
To bring Powerley to your area, visit www.powerley.com.
About DTE Energy and Powerley
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. As a leader and innovator in the energy space, DTE Energy entered into a joint venture to create Powerley, a home energy management company that provides residential users an end-to-end hardware and software solution to optimize their energy use. With a combination of real-time energy data, engagement features, personalized actionable recommendations and the ability to control and automate their smart home, Powerley delivers unprecedented EM&V savings with true home energy management.
About Vectorform
Vectorform invents digital products and experiences for the world's leading brands, with a focus on Mobile, Internet of Things, Connected Home, Connected Vehicle and Wearable Technology. Founded in 1999 in Downtown Detroit, Vectorform has five global offices; Detroit, New York, Seattle, Munich, and Hyderabad. Connect with us: Twitter @vectorform, Facebook, LinkedIn and Google+
Connect with Vectorform CEO and Co-founder, Jason Vazzano on Twitter- @vectorjv
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 26, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported first quarter 2016 earnings of $247 million, or $1.37 per diluted share, compared with $273 million, or $1.53 per diluted share in 2015.
Operating earnings for the first quarter 2016 were $274 million, or $1.52 per diluted share, compared with 2015 operating earnings of $294 million, or $1.65 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"The company is on track for another successful year and our first quarter performance reflects this," said Gerry Anderson, DTE chairman and CEO. Anderson also noted the following recent company accomplishments:
Anderson also noted "These accomplishments reinforce our commitment to becoming the best operated energy company in North America and a force for growth and prosperity in the communities in which we live and serve. We continue to work hard for our customers and shareholders to reach new levels of operational and financial excellence."
Outlook for 2016
DTE reiterated its 2016 operating earnings per share guidance of $4.80 to $5.05.
"A solid start to the year puts us on track to achieve our financial goals and we will continue to focus on replacing aging infrastructure at our utilities which will improve service levels and lower costs for our customers," said Peter Oleksiak, DTE Energy senior vice president and chief financial officer.
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com/investors.
DTE Energy plans to conduct a conference call with the investment community hosted by Anderson at 9 a.m. EDT today, to discuss first quarter 2016 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4378 or International toll: (719) 325-2381. The passcode is 3887141. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors. An audio replay of the call will be available from noon today to May 10. To access the replay, dial US and Canada toll free (888) 203-1112 or International toll (719) 457-0820 and enter passcode 3887141.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2016 operating earnings guidance. It is likely that certain items that impact the company's 2016 reported results will be excluded from operating results. Reconciliations to the comparable 2016 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "projected," "aspiration" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, FERC, MPSC, NRC, and CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, terrorism or cyber attacks; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric 2015 Form 10-K and 2016 Form 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company | |||||||
Consolidated Statements of Operations | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2016 |
2015 | ||||||
(In millions, except per share amounts) | |||||||
Operating Revenues |
|||||||
Utility operations |
$ |
1,664 |
$ |
1,841 |
|||
Non-utility operations |
902 |
1,143 |
|||||
2,566 |
2,984 |
||||||
Operating Expenses |
|||||||
Fuel, purchased power, and gas — utility |
565 |
693 |
|||||
Fuel, purchased power, and gas — non-utility |
776 |
1,005 |
|||||
Operation and maintenance |
516 |
526 |
|||||
Depreciation and amortization |
229 |
209 |
|||||
Taxes other than income |
99 |
100 |
|||||
Asset (gains) losses and impairments, net |
— |
(10) |
|||||
2,185 |
2,523 |
||||||
Operating Income |
381 |
461 |
|||||
Other (Income) and Deductions |
|||||||
Interest expense |
113 |
110 |
|||||
Interest income |
(11) |
(4) |
|||||
Other income |
(52) |
(51) |
|||||
Other expenses |
8 |
10 |
|||||
58 |
65 |
||||||
Income Before Income Taxes |
323 |
396 |
|||||
Income Tax Expense |
83 |
122 |
|||||
Net Income |
240 |
274 |
|||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
(7) |
1 |
|||||
Net Income Attributable to DTE Energy Company |
$ |
247 |
$ |
273 |
|||
Basic Earnings per Common Share |
|||||||
Net Income Attributable to DTE Energy Company |
$ |
1.38 |
$ |
1.53 |
|||
Diluted Earnings per Common Share |
|||||||
Net Income Attributable to DTE Energy Company |
$ |
1.37 |
$ |
1.53 |
|||
Weighted Average Common Shares Outstanding |
|||||||
Basic |
179 |
178 |
|||||
Diluted |
180 |
178 |
|||||
Dividends Declared per Common Share |
$ |
0.73 |
$ |
0.69 |
|||
DTE Energy Company | |||||||||||||||||||||||||
Segment Net Income | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
DTE Electric |
$ |
127 |
$ |
— |
$ |
127 |
$ |
136 |
$ |
— |
$ |
136 |
|||||||||||||
DTE Gas |
87 |
— |
87 |
111 |
— |
111 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
30 |
— |
30 |
27 |
— |
27 |
|||||||||||||||||||
Power and Industrial Projects |
17 |
4 |
A |
21 |
33 |
— |
33 |
||||||||||||||||||
Energy Trading |
(7) |
23 |
B |
16 |
(9) |
31 |
B |
12 |
|||||||||||||||||
(10) |
C |
||||||||||||||||||||||||
Total Non-utility operations |
40 |
27 |
67 |
51 |
21 |
72 |
|||||||||||||||||||
Corporate and Other |
(7) |
— |
(7) |
(25) |
— |
(25) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
247 |
$ |
27 |
$ |
274 |
$ |
273 |
$ |
21 |
$ |
294 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark to market adjustments | |||||||||||||||||||||||||
C) Natural gas pipeline refund | |||||||||||||||||||||||||
DTE Energy Company | |||||||||||||||||||||||||
Segment Diluted Earnings Per Share | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2016 |
2015 | ||||||||||||||||||||||||
Reported |
Adjustments |
Operating |
Reported |
Adjustments |
Operating | ||||||||||||||||||||
DTE Electric |
$ |
0.71 |
$ |
— |
A |
$ |
0.71 |
$ |
0.76 |
$ |
— |
$ |
0.76 |
||||||||||||
DTE Gas |
0.48 |
— |
0.48 |
0.62 |
— |
0.62 |
|||||||||||||||||||
Non-utility operations |
|||||||||||||||||||||||||
Gas Storage and Pipelines |
0.17 |
— |
0.17 |
0.15 |
— |
0.15 |
|||||||||||||||||||
Power and Industrial Projects |
0.09 |
0.02 |
A |
0.11 |
0.19 |
— |
0.19 |
||||||||||||||||||
Energy Trading |
(0.04) |
0.13 |
B |
0.09 |
(0.05) |
0.18 |
B |
0.07 |
|||||||||||||||||
(0.06) |
C |
||||||||||||||||||||||||
Total Non-utility operations |
0.22 |
0.15 |
0.37 |
0.29 |
0.12 |
0.41 |
|||||||||||||||||||
Corporate and Other |
(0.04) |
— |
(0.04) |
(0.14) |
— |
(0.14) |
|||||||||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
1.37 |
$ |
0.15 |
$ |
1.52 |
$ |
1.53 |
$ |
0.12 |
$ |
1.65 |
|||||||||||||
Adjustments key | |||||||||||||||||||||||||
A) Plant closure | |||||||||||||||||||||||||
B) Certain mark to market adjustments | |||||||||||||||||||||||||
C) Natural gas pipeline refund | |||||||||||||||||||||||||
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
ANN ARBOR, Mich., April 25, 2016 /PRNewswire/ -- DTE Energy is joining the LPGA Volvik Championship as an official sponsor and proud supporter of Military Appreciation events throughout the Memorial Day tournament week (May 23-29). The tournament, a new addition to the 2016 LPGA tour, will be held at Travis Pointe Country Club in Ann Arbor.
The DTE Energy sponsorship allows retired and active United States military personnel plus a guest free admission to the tournament. DTE will provide lunch at the Military Appreciation Pavilion, located at the course's ninth green. Information about careers in the energy industry and employment opportunities at DTE Energy also will be available in the pavilion.
In addition to the support provided for the U.S. Military at the tournament, DTE Energy will work with the LPGA Volvik Championship charity partner -- the National Network of Depression Centers (NNDC) -- to help promote the work of its Military, Veterans and Families Task Group, and the Military Support Programs and Network (MSPAN), based out of the University of Michigan.
"DTE Energy is privileged, during this Memorial Day weekend, to honor those who have so bravely served our country. We hope to provide our active and retired U.S. military personnel an opportunity to attend the tournament and, most importantly, to support military families through our partnership with the National Network of Depression Centers," said Diane Antishin, DTE Energy vice president, Human Resources. "We are committed to providing employment opportunities for veterans because we recognize the value that their skills, knowledge and experience bring to the work place. We're excited about the opportunity to give something back to those who have given us all so much."
The National Network of Depression Centers is a consortium of more than 600 experts working collaboratively to conquer mood disorders. NNDC members are leading efforts to advance diagnoses and treatments, and improve patient outcomes and quality of care for those with bipolar, depressive and related mental illnesses. These disorders are costly, disabling, and frighteningly common, impacting just one in every six Americans by recent estimates. NNDC Members have a special commitment to aid the mental health of our dedicated military members, veterans, and military families.
"We recognize that members of the military, veterans, and their families face unique stressors that magnify the impact of depression and related mood disorders," said Dr. John Greden, Founding Chair of the NNDC and Executive Director of the University of Michigan Comprehensive Depression Center. "We are continuing to identify and develop the best ways to address the needs of service members, and we are glad to have DTE Energy and the Volvik Championship joins us on these efforts."
The innovative M-SPAN programs are part of a University-Military-VA-Community partnership that provides pre- and post-deployment support for military, veterans, and their families. Through programs like Buddy-to-Buddy and Peer Advisors for Veteran Education (PAVE), service members and veterans work directly with other veterans who can speak personally to the unique military mental health experience.
"We want to provide our community with an event that brings the greatest women golfers in the world to Southeast Michigan throughout the Memorial Day weekend," said Keith Karbo, tournament director for the LPGA Volvik Championship. "We also want to show appreciation for our military and help create awareness for our nation's service personnel and their families through the work of NNDC and M-SPAN. DTE Energy's commitment provides the impetus to help create the needed awareness."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
About LPGA Volvik Championship
For information regarding the LPGA Volvik Championship go to www.volviklpga.com. Visit our Social Media pages at facebook.com/VolvikLPGA and twitter.com/VolvikLPGA.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 25, 2016 /PRNewswire/ -- Steve Kurmas, vice chairman, DTE Energy (NYSE: DTE), will provide a business update at the American Gas Association (AGA) Financial Forum in Florida on Monday, May 16, 2016. The 35-minute presentation is scheduled to start at 1 p.m. EDT.
The conference audio and presentation materials will be available via webcast through a link on DTE Energy's website at www.dteenergy.com/investors. The webcast replay will be available and archived on the website.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 21, 2016 /PRNewswire/ -- DTE Energy's award-winning energy savings app – DTE Insight – has launched a new budget feature that will help customers control their energy use and reduce bills. The new technology lets customers set an energy budget target and see how they are trending towards their goal. Additionally, the app offers the ability for customers to view the daily energy cost, and receive notifications when they are approaching usage or budget targets.
"We're always working to make the DTE Insight app experience better, and more useful," said Joel Miller, DTE Insight program manager. "When customers asked for budget-monitoring functionality from the app – we listened and delivered. The app navigation is also more user-friendly, including new 'swipe' functionality, allowing a customer to quickly move from one screen to the next when browsing energy and budget data."
The free DTE Insight app links a smartphone to a smart meter, allowing electric and natural gas customers to monitor their energy use. The app features:
DTE leads the energy industry in the development and adoption of customer-centric energy management tools. Currently, more than 155,000 DTE customers have downloaded the app, and more than 33,000 have requested an energy bridge to accompany it. Customers using the DTE Insight app features and energy bridge together are reducing their energy usage by as much as 10 percent per month.
"The DTE Insight app is a huge hit with more than 155,000 downloads," said Dave Meador, DTE Energy vice chairman and chief administrative officer. "We are very excited about the progress we're making with the app, and will continue working to expand the value it offers our customers."
The new budget-tracking functionality is now available on iOS and Android devices. DTE customers with an iPhone, Apple Watch, or Android phone, and have the smart meter, can go to the App Store or Google Play to download the app today. To request an energy bridge, go to the app's menu and select tools. Learn more about the app by watching this video or visit our website.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Photo - http://photos.prnewswire.com/prnh/20160421/358270
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 13, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced it is creating 120 new jobs for Detroiters to help staff its expanding customer call center in the company's downtown Detroit headquarters building. DTE will partner with Strategic Staffing Solutions (S3), which will be responsible for recruiting, hiring and managing the new employees. The collaboration will give Detroiters an employment opportunity, while developing new skills through on-the-job training.
"As a Detroit-based company for more than 100 years, we're pleased to be able to offer new, meaningful opportunities to Detroiters," said Jerry Norcia, president and chief operating officer, DTE Energy. "As a major employer in the Detroit community, we want to continue to be part of the revitalization of the city. Creating jobs through collaboration only furthers this effort."
The new employees will be trained on a state-of-the-art call center system housed in the historic Penobscot Building at S3's Detroit Development Center. These employees will answer and respond to DTE customer inquiries including service, billing and payment transactions, as well as emergency and outage situations. Interested applicants are required to have a high school diploma and two years of experience with direct customer contact is preferred.
DTE Energy and S3's 24-year strategic relationship is an example of what two companies can accomplish when goals are aligned. Over more than two decades, the organizations have worked together through the Downtown Detroit Partnership, the Live Downtown incentive, and countless charitable endeavors.
"DTE Energy and S3 are committed to growing Detroit, and that means keeping call center jobs such as these in the City, and not locate them out-of-state or overseas," said Cynthia Pasky, CEO and founder of Strategic Staffing Solutions.
Those interested in applying for these positions should contact csrpositions@strategicstaff.com or by calling 313.235.0683.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
About Strategic Staffing Solutions
Strategic Staffing Solutions (S3) is an international, woman-owned, $300 million IT and business services corporation based in Detroit. With a compound annual growth rate of 21% over 25 years and zero debt, S3 is financially sound. It is ranked 16th among the largest staffing firms in the US by Staffing Industry Report and is one of five companies nationally certified as a Charter Partner with Staffing Industry Analysts. S3 is also ranked as the sixth largest diversity staffing firm in the US by Staffing Industry Analysts. S3 provides IT consulting, customized project solutions, vendor management programs and an executive search service to financial institutions, insurance, energy companies, oil/gas, telecommunications, government agencies and retail and healthcare industries worldwide. It has more than 3,000 consultants and 31 offices in the U.S. and Europe.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 12, 2016 /PRNewswire/ -- DTE Energy (NYSE:DTE) will announce its first quarter 2016 earnings before the market opens Tuesday, April 26. The company will conduct a conference call to discuss earnings results at 9 a.m. EDT the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 505-4378 or International toll: (719) 325-2381. The passcode is 3887141. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 7, 2016 /PRNewswire/ -- The fifth annual "Michigan Shines for Autism Gala," presented by DTE Foundation, will raise critical awareness and over $550,000 to support the work and mission of non-profit Autism Alliance of Michigan (AAoM). The event, held Saturday, April 16th at DTE Energy's (NYSE: DTE) corporate headquarters in downtown Detroit, will focus on the topic of employment.
The evening starts with a cocktail reception, raffle and auction alongside event co-chairs James Nicholson, PVS Chemicals and David Meador, DTE Energy. A formal program emceed by WJR host Paul W. Smith follows dinner and includes a lineup of distinguished speakers. Additionally, both individuals and companies will be recognized for their contribution to improving the lives of Michigan residents and families affected by autism.
Randy Lewis, retired Walgreen's executive and disabilities advocate, will keynote the event, showcasing Walgreen's model of employment for adults with disabilities to help Michigan employers better understand the benefits of recruiting this population into the workforce.
Adults with autism face a challenge no other population faces – a 90 percent unemployment rate – higher than rates for individuals with other developmental disabilities. Having a job is a crucial first step towards improved quality of life, social inclusion, friendships and independence.
Business and community leaders, including the "Women for Autism" host committee -- Detroit's First Lady Lori Maher Duggan; Julie Calley, chairwoman of the Michigan Community Service Commission; Cindy Pasky, president and CEO, Strategic Staffing Solutions; Andra Rush, CEO, American Manufacturing Systems; Sandy Pierce, First Merit Vice Chair; Beth Chappell, president and CEO, Detroit Economic Club; Monique Marks, president and CEO, Franklin-Wright Settlements; and Nedda Shayota vice president, Sigma Associates Inc. -- are among those supporting this cause. Additionally, multiple legislatures and state department leadership will be in attendance.
Over the last five years, the gala's celebratory themes related to passage of insurance legislation and increasing access to essential therapies for young children.
"We have seen such significant reform in the clinical programs and services we provide to children in our state. Now, we are drawing more attention to the critical issues facing older children and adults, with unemployment being a priority," said Colleen Allen, president and CEO, Autism Alliance of Michigan.
To date, more than two-thirds of adult-related concerns directed to the AAoM navigator service -- a network of autism care professionals available for therapy and other autism treatments -- relate to challenges securing employment.
While individuals with autism have the potential to contribute significant skills and talents to the workforce, a lack of understanding of the unique characteristics of autism, basic support and required accommodations often preclude getting a job, let alone retaining that position for the long run. Some Detroit-area companies, such as DTE Energy and Ford Motor Company, are leading the way in the effort to hire individuals with disabilities.
"At DTE, we've established programs to embrace and truly understand the unique difference, talents and perspectives of all employees, customers and suppliers – including those living with a disability," said Dave Meador, vice chairman and chief administrative officer, DTE Energy. "We look past disabilities to abilities and possibilities, helping us achieve our goal of creating an environment where people can feel supported, valued and do their best work. I look forward to contributions from my colleagues to expand this work even more in the year ahead."
DTE Energy Foundation is the Presenting Sponsor of this year's "Michigan Shines for Autism" gala with additional support from premier sponsor PVS Chemicals Inc. and Diamond Sponsors AT&T, Consumers Energy, ITC Holdings, Suburban Motors Company and Strategic Staffing Solutions. Following the Gala, the Champion's Night Afterglow party presented by Sigma takes place in the exquisite lobby of DTE complete with a DJ, open bar, dancing and party games until 1 am.
For more information about AAoM visit https://autismallianceofmichigan.org/ or call 248.436.5606
About DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy, continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.2 million electric customers in Southeast Michigan and 1.2 million natural gas customers in Michigan. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. http://www.dteenergy.com/foundation
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, April 7, 2016 /PRNewswire/ -- The fifth annual "Michigan Shines for Autism Gala," presented by DTE Foundation, will raise critical awareness and over $550,000 to support the work and mission of non-profit Autism Alliance of Michigan (AAoM). The event, held Saturday, April 16th at DTE Energy's (NYSE: DTE) corporate headquarters in downtown Detroit, will focus on the topic of employment.
The evening starts with a cocktail reception, raffle and auction alongside event co-chairs James Nicholson, PVS Chemicals and David Meador, DTE Energy. A formal program emceed by WJR host Paul W. Smith follows dinner and includes a lineup of distinguished speakers. Additionally, both individuals and companies will be recognized for their contribution to improving the lives of Michigan residents and families affected by autism.
Randy Lewis, retired Walgreen's executive and disabilities advocate, will keynote the event, showcasing Walgreen's model of employment for adults with disabilities to help Michigan employers better understand the benefits of recruiting this population into the workforce.
Adults with autism face a challenge no other population faces – a 90 percent unemployment rate – higher than rates for individuals with other developmental disabilities. Having a job is a crucial first step towards improved quality of life, social inclusion, friendships and independence.
Business and community leaders, including the "Women for Autism" host committee -- Detroit's First Lady Lori Maher Duggan; Julie Calley, chairwoman of the Michigan Community Service Commission; Cindy Pasky, president and CEO, Strategic Staffing Solutions; Andra Rush, CEO, American Manufacturing Systems; Sandy Pierce, First Merit Vice Chair; Beth Chappell, president and CEO, Detroit Economic Club; Monique Marks, president and CEO, Franklin-Wright Settlements; and Nedda Shayota vice president, Sigma Associates Inc. -- are among those supporting this cause. Additionally, multiple legislatures and state department leadership will be in attendance.
Over the last five years, the gala's celebratory themes related to passage of insurance legislation and increasing access to essential therapies for young children.
"We have seen such significant reform in the clinical programs and services we provide to children in our state. Now, we are drawing more attention to the critical issues facing older children and adults, with unemployment being a priority," said Colleen Allen, president and CEO, Autism Alliance of Michigan.
To date, more than two-thirds of adult-related concerns directed to the AAoM navigator service -- a network of autism care professionals available for therapy and other autism treatments -- relate to challenges securing employment.
While individuals with autism have the potential to contribute significant skills and talents to the workforce, a lack of understanding of the unique characteristics of autism, basic support and required accommodations often preclude getting a job, let alone retaining that position for the long run. Some Detroit-area companies, such as DTE Energy and Ford Motor Company, are leading the way in the effort to hire individuals with disabilities.
"At DTE, we've established programs to embrace and truly understand the unique difference, talents and perspectives of all employees, customers and suppliers – including those living with a disability," said Dave Meador, vice chairman and chief administrative officer, DTE Energy. "We look past disabilities to abilities and possibilities, helping us achieve our goal of creating an environment where people can feel supported, valued and do their best work. I look forward to contributions from my colleagues to expand this work even more in the year ahead."
DTE Energy Foundation is the Presenting Sponsor of this year's "Michigan Shines for Autism" gala with additional support from premier sponsor PVS Chemicals Inc. and Diamond Sponsors AT&T, Consumers Energy, ITC Holdings, Suburban Motors Company and Strategic Staffing Solutions. Following the Gala, the Champion's Night Afterglow party presented by Sigma takes place in the exquisite lobby of DTE complete with a DJ, open bar, dancing and party games until 1 am.
For more information about AAoM visit https://autismallianceofmichigan.org/ or call 248.436.5606
About DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy, continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.2 million electric customers in Southeast Michigan and 1.2 million natural gas customers in Michigan. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. http://www.dteenergy.com/foundation
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 31, 2016 /PRNewswire/ -- DTE Energy electric customers can save money by participating in its Appliance Recycling Program. The program provides free pick-ups of old, working refrigerators and freezers, which are recycled at no cost. Customers receive a $50 rebate for each appliance. By removing inefficient units, customers can start saving up to $150 a year on energy bills.
"Since the program launched in 2009, over 181,000 refrigerators and freezers have been recycled, saving customers more than $28 million on energy bills," said Knox Cameron, DTE's Appliance Recycling Program manager. "The removal of these old, inefficient appliances is an easy way to save energy, help the environment and lower energy bills."
To qualify for DTE's Appliance Recycling Program, refrigerators and freezers must:
DTE Energy will pay an additional $20 each for old room air conditioners or dehumidifiers, when picked-up at the same time as the refrigerators and freezers.
To administer the program, DTE has partnered with SEEL, Solutions for Energy Efficient Logistics,to handle program pick-ups; and Goodwill's Green Works (GGW) will recycle the inefficient appliances. Located in Detroit, GGW will support recycling of collected appliances, safely dismantling and recycling the appliances in an environmentally responsible manner and keep them out of landfills.
GGW carries out Goodwill's mission of servicing those facing employment challenges through vital job training, education, and placement programs. DTE and Goodwill have a long history of working together with a mutual mission of sustaining Michigan resources and jobs.
"For more than 70 years, Goodwill has recovered and recycled materials for DTE Energy," Cameron added. "This newest partnership will create over 35 jobs."
For more information on the program, DTE electric customers can visit dteenergy.com/recycle. To schedule a free pickup, call 866.796.0512. Online enrollment and scheduling of appointments will be available beginning Thursday, April 21, 2016 at dteenergy.com/recycle. In addition, DTE offers a variety of energy efficiency programs to help customers manage their energy use and save at dteenergy.com/saveenergy.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 30, 2016 /PRNewswire/ -- Adults with autism face a challenge almost no other population faces – a 90 percent unemployment rate – higher than rates for individuals with other developmental disabilities. Having a job is a crucial first step toward improved quality of life, social inclusion, friendships and independence.
Throughout the month of April – proclaimed as Autism Awareness month - the Autism Alliance of Michigan (AAoM) is showcasing its work promoting the benefits adults with autism can bring employers, while increasing economic opportunities for this population.
"This month's heightened focus on Autism gives us a platform to further advance critical programs, including those focused on employment, with community leaders - business, civic and providers," said Colleen Allen, president and CEO of the Autism Alliance of Michigan. "This work not only impacts the lives of individuals with autism who will be able to lead independent lives, but also teaches us how to be a more open and accepting society."
To date, more than 2/3 of adult related concerns directed to the AAoM's MiNavigator service relate to challenges securing employment. MiNavigator, created to provide Michigan families affected by autism with professional case management services, has served over 750 families to date, 600 in 2015 alone in its inaugural year.
"Individuals with autism have the potential to contribute significant skills and talents to the workforce, but often they are not given the same opportunities many of us take for granted," said Dave Meador, vice chairman and chief administrative officer, DTE Energy. "With the right support structure – at home and in the workplace – impacted individuals can contribute significantly to the workforce and lead full, meaningful lives. We're focused on creating these opportunities for impacted individuals throughout Michigan and giving them the opportunity to maximize their potential."
DTE Energy is a long-time advocate for families and individuals impacted by autism, as is Lt. Gov. Brian Calley. As Lieutenant Governor, Calley has worked to increase access to autism services and promote inclusion in schools and communities for people with developmental differences.
"Autism Awareness Month is a time to remember how far we've come in recent years in improving access to autism services in Michigan," Calley said. "The Autism Alliance of Michigan provides great support to families trying to understand what resources are available to them. This month and all year round, let's celebrate the potential of Michiganders with autism and help them achieve their potential to live self-determined independent lives."
Both Calley and Meador have daughters on the autism spectrum and are tireless champions for high expectations and full inclusion. Their work spans early childhood diagnosis and access to therapies, to revamping special education in Michigan, safety initiatives, employment and housing.
Over nearly more than six years, AAoM's work has impacted and helped thousands of Michigan families in need of resources and support. To date, AAoM has worked to secure insurance coverage benefits covering autism at 66 self-funded Michigan companies; served more than 750 Michigan families through the MiNavigator resource, a network of autism care professionals available for therapy and other autism-related treatments; trained more than 13,000 first responders in safety procedures and responsive techniques; and developed a comprehensive directory of 800 Michigan-specific resources available to families seeking connections for critical services.
For more information about AAoM visit www.autismallianceofmichigan.org or call 248.436.5606.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 29, 2016 /PRNewswire/ -- DTE Energy received approval from the Detroit City Council today to develop one of the largest urban solar power arrays in the country on a 10-acre vacant parcel of land in Detroit at the former O'Shea Park, near Interstate 96 and Greenfield Road.
The project will generate more than $1 million in tax revenue for the City over the life of the 20-year lease and will produce enough clean energy to power approximately 450 homes. DTE plans to begin construction on the project in May, with completion scheduled for the end of 2016.
"DTE Energy is proud to be a partner with the City of Detroit on this solar project that will utilize 10 acres of Detroit's blighted and unused land and re-energize the surrounding neighborhoods," said David Meador, vice chairman and chief administrative officer, DTE Energy. "Not only will this new solar array enable DTE to deliver more clean energy to our customers, it is also a part of our efforts to help spur economic growth and prosperity in the neighborhoods we serve."
In addition to the increased tax revenue for the City, the solar project is a part of the City's efforts to beautify the park. DTE also has made a broader commitment to the City of Detroit and will invest more than $1 billion over the next 10 years to modernize the City's energy grid.
"This partnership with DTE Energy is a perfect example of how public-private partnerships can stabilize and strengthen our neighborhoods," said Detroit Mayor Mike Duggan. "This vacant property soon will be put back to use in a way that is good for the neighborhood and good for the environment."
The City of Detroit has also established partnerships with the United States Department of Housing and Urban Development, Erb Foundation, Walker-Miller Energy Services and the Greening of Detroit to support improvements to O'Shea Park, as well as to provide STEM education, workforce development and energy efficiency programs to benefit the local community.
Along with this solar project, DTE has four other solar projects currently under development, including an array in Ypsilanti, one at the GM Warren Transmission plant, and two large-scale projects in Lapeer. One of the Lapeer solar arrays will be the largest energy company-owned solar array east of the Mississippi River. By the end of the year, DTE will have 31 solar arrays in operation capable of generating enough clean energy to power more than 14,000 homes.
"DTE Energy is Michigan's leading provider of and investor in solar energy. These projects further DTE's commitment to develop a balanced energy mix that enables us to provide affordable, reliable and clean energy to our customers," said Meador.
The new solar projects will help expand DTE's renewable energy generation beyond the 10 percent required by Michigan's 2008 Renewable Energy Portfolio Standard under Public Act 295. DTE is continuing to evaluate additional wind and solar energy projects across the state.
DTE is Michigan's largest investor in renewable energy, including wind and solar, having driven investments of more than $2 billion since 2008, with $67 million of that spent to develop solar arrays across its service territory. Today, DTE's entire renewable energy portfolio is capable of generating enough clean energy to power more than 400,000 homes. The portfolio includes facilities owned and operated by DTE, along with contracts to purchase power from third-party developers in Michigan. All of the power generated by these facilities is fed into the energy grid and distributed to those who need it.
As part of the partnership between the City and DTE, the project will provide educational opportunities for students to learn more about sustainability and renewable energy through interpretive signage, rain gardens, and additional educational partnerships.
Detroit-based Walker-Miller Energy Services will provide free energy audits for homes in the immediate area, many of which could qualify for free furnace and appliance replacements and other money-saving upgrades.
The City also has received the generous support of the Erb Family Foundation to enable a partnership with the Greening of Detroit on the park design and creating workforce development opportunities for residents of the O'Shea Park community.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 29, 2016 /PRNewswire/ -- DTE Energy customers will once again benefit from lower natural gas prices for the second time in three months.
Starting Friday, DTE Energy will lower its natural gas prices for customers another 7 percent, for a total reduction of 16 percent in 2016. The new natural gas price – the market price DTE pays for the natural gas its customers use – will be 34.4 cents per hundred cubic feet, down from 37 cents. The average residential customer is expected to save $60 annually.
At the outset of the winter heating season in November, the price was 40.7 cents. DTE first reduced prices Jan. 1.
Customers can find the cost of gas on their bills under the Gas Cost Recovery (GCR) line item.
"This price reduction adds to the $200 the average residential customer saved during the winter heating season because of reduced prices and warmer-than-normal temperatures in November and December," said Mark Stiers, DTE Gas president and chief operating officer. "Our business customers also will experience savings when using their natural gas-fired equipment and processes."
The continued trend of lower natural gas prices has been driven by the market forces of supply and demand. Michigan's unique geology also allows DTE to buy large quantities of natural gas when prices are low and store it underground until it is needed during the cold winter months, giving DTE customers price stability.
DTE has been lowering prices steadily since 2008, when the market price was $1.13 per hundred cubic feet, more than three times the current price.
DTE natural gas customers' bills reflect three key variables – the cost of the natural gas used by customers, the amount of natural gas used and the severity of the weather, which has a significant impact on energy use.
Even though the winter heating season is nearing its end, residential and business customers will continue to save when they use their gas appliances and equipment until the next heating season starts in October.
"We're continually looking for ways to make our operations more efficient to keep energy affordable for our customers," Stiers said, "and natural gas continues to be the cleanest and most cost-effective option for meeting our customers' energy needs."
Business and residential customers can effectively manage their energy bills by employing low- and no-cost energy-efficiency tips. Energy-saving tips can be found by visiting DTE's website under 'save energy.'
Customers also can take advantage of DTE's eBill Paperless Billing, a free and secure way to view and pay bills online. eBill Paperless Billing allows customers to view their bills online in a printer-friendly format. Customers will receive a monthly e-mail reminder when their bill is ready and can click on a link within the paperless bill to pay online using their credit or debit cards, or checking or savings accounts.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 23, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) today announced it has installed its 3 millionth advanced meter. Advanced meters help customers reduce energy use and monthly bills while also improving reliability. The entire installation project is expected to finish nearly two years ahead of schedule, and by the end of 2016 nearly 4 million electric and gas meters will be converted.
DTE continually looks for new ways to leverage advanced meter technology to the benefit of customers, and the company has been a national leader in its efforts.
"We are proud of this accomplishment, and by the end of this year virtually all of our customers will have this excellent tool to manage their energy use and save money," said Ron May, DTE Energy executive vice president, Major Enterprise Projects. "With nearly 80 percent of the installations complete so far, we're focused on ensuring people understand the benefits of advanced meters and how to make the most out of this safe and secure technology."
The advanced meter technology also allows DTE Energy to:
DTE recently was recognized as an industry role model for its customer-focused approach in the development of energy efficiency projects. The award-winning DTE Insight app allows customers with advanced meters to monitor real time energy use and experience savings from their smart phone. DTE is the first utility nationwide to offer a real-time, mobile energy tracking and management tool to its customers. It is available for free download for iPhone and Android devices.
More than 2.2 million advanced electric meters have been installed in Oakland, Wayne, Macomb, Monroe and Washtenaw counties so far. In addition, nearly 800,000 modules have been installed on gas meters in Iron, Marquette, Dickinson, Alger, Delta, Menominee, Chippewa, Emmet, Charlevoix, Preseque Isle, Leelanau, Antrim, Alpena, Benzie, Grand Traverse, Kalkaska, Crawford, Oscoda, Alcona, Wexford, Missaukee, Roscommon, Ogemaw, Iosco, Mason, Lake, Osceola, Clare, Gladwin, Arenac, Oceana, Newaygo, Mecosta, Isabella, Muskegon, Montcalm, Gratiot and Clinton counties.
The remaining electric meter installations will occur in Huron, Tuscola, Sandusky, Lapeer, Wayne, Macomb and St. Clair County later this year. The next wave of installations is expected to begin in April. Advanced gas meter installations are slated for Manistee, Cheboygan, Kent, Ionia, Ottawa and Allegan later this year.
To accomplish this, DTE Energy has partnered with Itron, Inc., a technology and services company, to install smart electric meters and communication modules for gas meters. Electric and gas meters are owned, operated and maintained by DTE Energy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 16, 2016 /PRNewswire/ -- DTE Gas will invest $1.4 billion in its Michigan natural gas pipeline infrastructure over the next five years to maintain the safety and reliability of its natural gas system, while at the same time keeping prices affordable for its residential and business customers.
DTE will modernize its cast iron and steel main pipelines with newer, more durable material, and new service lines to homes and businesses also will be installed. DTE this year is on track to replace more than 100 miles of gas main lines, an increase from 2015, when the company replaced 80 miles of gas main lines. DTE plans to continue to accelerate the pace of replacement, eventually doubling the current program.
"Replacing older gas lines with the latest in pipeline material ensures that our natural gas system remains safe for our customers," said Mark Stiers, DTE Gas president and chief operating officer. "The key to maintaining a safe pipeline system is our regular inspections and maintenance of the lines."
Natural gas meters will be moved from inside homes and businesses and replaced with advanced meters on the outside as part of the gas main modernization work. Advanced meters on the outside of homes and businesses will eliminate the need to read meters and provide less customer inconvenience by ending the need to enter a home for maintenance and to read meters.
Besides the acceleration of gas main replacement, upgrades also will be made at compressor stations to ensure the continued reliable and uninterrupted delivery to all customers. Compressors are used to push natural gas into underground storage reservoirs and then draw the natural gas out when it's needed to serve customers.
Stiers added that declining natural gas costs, combined with operational efficiencies, will enable DTE Gas to continue to offer affordable prices for its customers.
"We can do both," Stiers said of improving the infrastructure and maintaining affordable prices. "Lower natural gas prices have significantly reduced bills for our customers, who can be assured that they will continue to have a safe, reliable natural gas system."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
LANSING, Mich., March 15, 2016 /PRNewswire/ -- Consumer's Energy, DTE Energy and the State of Michigan, all members of the Michigan Energy Workforce Development Consortium (MEWDC), have collaborated to create a pathway for career and technical education students to pursue jobs in the often "invisible," or less visual, energy sector. This pathway will be adopted as Michigan's 17th "career cluster," providing students with the ability to study traditional academics while leveraging skills specific to an industry/career path. The Michigan Department of Education approved this new pathway on February 9th, with curriculum now available for interested high schools and community colleges.
"We all expect the light switch in our homes to go on whenever we choose, but many young people don't know what goes into making that happen every day. The adoption of this new pathway will make careers in energy visible to many students who are unaware of the robust opportunities the energy sector can offer," said Tracy DiSanto, DTE workforce planning and development manager and MEWDC Co-Chair. "Students are exposed to career paths every day – seeing opportunities in advanced manufacturing, automotive and IT when they get into a car, for example. Our goal is to create the same connection between education and job opportunities in the energy sector for these students."
Michigan is the sixth state in the nation to adopt energy as a career pathway, joining Florida, Georgia, California, Indiana and Virginia. The MEWDC was able to accelerate the work necessary to accomplish these results through a grant awarded by the U.S. Chamber of Commerce Foundation and USA Funds focusing on Talent Pipeline Management. This model calls for industry to lead the way through collaboration.
"Energy is the backbone of everything we do, and if you think about it, there isn't a lot that can be done without it," said Stacy Mowrer, director of learning and development, Consumers Energy and Co-Chair of the MEWDC. "The addition of this new career pathway will draw attention to the opportunities many students may not have considered as career choices, while closing the skills gap to better prepare high school students interested in pursuing a career within the utility industry."
Currently, energy is incorporated into three of Michigan's existing clusters – manufacturing, construction and agriculture. This new distinction will educate career and technical students, parents, counselors and educators about financially rewarding, reliable skilled trade jobs available within the energy sector, as well as build a talent pipeline to succeed the roughly 50 percent of current Michigan energy workers slated to retire by 2020.
"Career and technical education requires the content and standards to come from industry in that we are teaching what is most current and we are delivering to the business and industry the knowledge and skills they need. This was refreshing as industry and the MEWDC came to us and identified a talent gap and worked with us to develop instructional programs," said Patty Cantu, director of the Michigan Department of Education's Office of Career and Technical Education. "As other career pathways already do, the addition of the energy sector will provide a direct pathway to both industry jobs and post-secondary programs where students can earn a certificate or degree and puts our state at the forefront of closing the skill gaps for critical in demand industry jobs," Cantu added.
Adoption of Michigan's 17th career pathway is the result of a successful partnership between more than 30 representatives of industry, workforce, education, labor and veterans. These organizations collaborated to form the MEWDC in 2008, with the goal of establishing competency and credentialing requirements for key energy sector jobs, while improving the energy industry talent pipeline.
About Consumer's Energy
Consumers Energy, Michigan's largest utility, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and electricity to 6.6 million of the state's 10 million residents in all 68 Lower Peninsula counties. Information about Consumers Energy is available at ConsumersEnergy.com, facebook.com/ConsumersEnergyMichigan and twitter.com/consumersenergy.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 3, 2016 /PRNewswire/ -- DTE Energy today named Renze Hoeksema to the position of vice president, Government Affairs, succeeding Fred Shell, who will retire in June. Since 2012, Hoeksema, a 30-year veteran of the company, has served as the director, state government affairs, after a successful tenure of leading the company's federal government affairs office in Washington D.C. In his new role, Hoeksema will oversee the company's corporate federal, state and local government affairs work.
Shell, who will retire in June, has contributed substantially to the company's positive impact on communities throughout Michigan and in Washington D.C. Shell's contribution over his nearly 40 year tenure with both MichCon and DTE Energy has positioned the company well to continue its efforts of shaping sustainable energy policy for Michigan.
"I would like to thank Fred Shell for his 39 years of exemplary service to DTE Energy and as chairman of the DTE Energy Foundation. DTE Energy and Michigan have greatly benefited from Fred's leadership on energy policy, including the comprehensive energy legislation passed in 2008,"said Gerry Anderson, chairman and CEO, DTE Energy. "While we will miss Fred, we know that Renze's deep experience and relationships at the federal, state and local level will leave leadership of our government affairs work in good hands for years to come."
During his career, Shell has served on multiple state and local non-profit boards, including as chair of the Michigan Economic Development Foundation, vice chair of the Metropolitan Affairs Council, and past board member the Michigan Chamber of Commerce.
Hoeksema, who joined the company in 1981, has held a variety of management positions with MichCon and DTE responsible for speech writing, media relations, the political action committee, economic development, and local, state and federal government affairs. He is a graduate of Hope College and Syracuse University; holding a Bachelor of Arts and Master's degrees in Public Administration.
Hoeksema founded the Campaign to Keep America Warm in 1994, and has chaired the Government Affairs Advisory Committees of the American Gas Association, Edison Electric Institute and the Nuclear Energy Institute at different times through his career. He has served as chair of the Michigan Business Group in Washington, D.C., and currently serves as vice chair of the Nuclear Waste Strategy Coalition, on the Board of Directors of the Public Affairs Council, and on the advisory committee of Michigan's Children's Trust Fund.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 3, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) has issued the following response to Attorney General Bill Schuette's filing with the Michigan Public Service Commission (MPSC) regarding DTE's rate case.
DTE Energy understands Attorney General Schuette's concern over maintaining affordable utility rates, as the company has been and remains focused on managing costs, and the impact investments have on customers. DTE customers want more reliable service while keeping the cost of energy affordable and competitive – the company is making progress on both fronts.
DTE Energy is an industry leader in controlling operating costs. DTE's residential customers pay some of the lowest electric bills in the country - among the lowest 25% - and the company is focused on managing costs and the impact to customers' bills.
The electrical system provides a service that is essential for the comfort, health and safety of DTE customers and for the vitality of Michigan's businesses and economy. DTE has the responsibility to ensure that the electrical system is safe, reliable and meets customer needs now and in the future, and this requires investment in infrastructure. This is even more critical in a time when aging infrastructure is a national concern.
Like other critical infrastructure throughout Michigan and across the country, DTE Electric's distribution system needs to be upgraded and modernized to support the needs of the 21st century economy.
Over the last eight years, DTE has kept electric operating costs flat, while its peer utilities across the country have increased operating costs 33 percent on average. DTE's residential customer bills today are about $100 a year less than the national average. Rates for DTE industrial customers are below the national average today and will remain there even with the requested rate adjustment. Through the company's long-term efforts, DTE has been and remains a national and industry leader in controlling costs.
DTE has undertaken a variety of initiatives over the last few years, resulting in customers experiencing fewer outages, while improving reliability by 20 percent. DTE will continue the work needed to modernize and automate aging infrastructure to meet the demands of the 21st century.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, March 1, 2016 /PRNewswire/ -- DTE Energy today announced several senior executive changes to become effective April 4, 2016.
Steve Kurmas, president and chief operating officer (COO), is appointed vice chairman of DTE Energy. In this new role, Kurmas, who began with MichCon as an engineer, will lead several large-scale projects critical to the company's future success. Kurmas has announced plans to retire in 2017 after 38 years of service with the company.
Kurmas serves on the board of directors of the Detroit Regional Chamber of Commerce and YMCA Southeast Michigan. He is also treasurer of the board of directors of the Engineering Society of Detroit and the Michigan Economic Development Foundation.
Jerry Norcia, president and COO of DTE Electric and Gas Storage and Pipelines, has been named president and COO for DTE Energy, succeeding Kurmas. Norcia will be responsible for the strategic oversight and operation of DTE's electric and gas businesses, Major Enterprise Projects and Customer Service. He also will lead the company's non-utility Gas Storage and Pipelines and Power and Industrial businesses.
Norcia joined DTE Energy in 2002. During his tenure, he has grown DTE's midstream business from a small business to one that is projected to earn $170 million by 2020. While leading the customer service and electric business, Norcia has driven a customer-focused effort, leveraging major investments to dramatically improve electric reliability and customer service levels. Norcia serves on the board of directors for Invest Detroit and is a trustee for The Skillman Foundation.
"Steve Kurmas is an extraordinary leader who has contributed greatly to the success of DTE over his tenure with the company," said Gerry Anderson, chairman and CEO, DTE Energy. "More recently, Steve has served as a strong mentor for Jerry Norcia. Our Board of Directors and I are confident that Jerry, with his broad and deep knowledge of the gas industry and successful operation of the electric company, is now ready to step into the President and COO role. We expect Jerry will take his passion for operational and customer excellence across all of our operations."
Trevor Lauer, senior vice president, Distribution Operations, is appointed president and COO, DTE Electric. Lauer succeeds Norcia and will be responsible for leading the company's largest business unit, DTE Electric.
Lauer joined DTE Energy in 2005, and has led a number of initiatives to improve overall reliability of the company's distribution system, while keeping energy costs affordable and below the national average. Lauer is active on several boards, including the Cranbrook Educational Community, the Detroit Regional Chamber Foundation and the Parade Company.
"Since joining DTE Energy, Trevor has developed into a strong operational leader who is having a positive impact in an organization where we are making major investments to improve reliability and customer satisfaction," Anderson said. "Having him continue to lead that investment program while expanding his responsibility for other areas will be important to sustaining the progress we are making on behalf of our customers."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Feb. 23, 2016 /PRNewswire/ -- DTE Energy surpassed its 2015 goal to bring more business back to the Michigan communities the company serves every day. Last year, the company invested in and supported a number of Michigan-based businesses, spending $945 million throughout the year. DTE, in partnership with Pure Michigan Business Connect (PMBC), has brought $1.7 billion to local Michigan communities, creating 8,500 new jobs.
"DTE works day in and day-out to provide affordable, reliable service to our customers and it's even more rewarding when we deliver on this promise while investing in Michigan-based businesses. In 2015, we exceeded our goal, helping to drive the Michigan economy," said Tony Tomczak, executive director and Chief Procurement Officer, DTE Energy. "Working with our suppliers every step of the way allows both DTE and its partners to achieve great things. The collective efforts bring new businesses and jobs to Michigan, while strengthening the vitality of our communities."
Highlights of DTE's partnership with Michigan-based vendors include:
DTE and PMBC recently hosted more than 320 suppliers from around the state for an invitation-only "Supplier Immersion Day" at Ford Field in Detroit. The event advised businesses on DTE's procurement needs and requirements, and provided resources to help them grow their businesses in the state. As a result from this event, DTE expects to continue to increase its supplier partnerships in 2016.
"We continue to exceed our annual targets because we take our commitment to Michigan businesses seriously," Tomczak said. "We know our state's success is dependent upon a strong economy. DTE is proud to be a job creator and a reliable corporate citizen. This commitment is one we will sustain and continue to grow for the foreseeable future."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
For further information, members of the media may call:
Stephanie Beres, DTE Energy, 313.235.5555
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Feb. 22, 2016 /PRNewswire/ -- As cold temperatures and snow continue through another Michigan winter, DTE Energy reminds customers to be safe when using natural gas.
In the heating season especially, DTE Energy customers can take action to prevent carbon monoxide exposure.
Carbon monoxide, or "CO," is an odorless, colorless, tasteless and non-irritating gas that can be fatal if allowed to build up indoors. CO is produced by the incomplete burning of various fuels, including charcoal, coal, gasoline, kerosene, natural gas, oil, propane and wood. CO can be found in fumes produced any time you burn fuel in cars or trucks, small engines, stoves, grills, fireplaces, gas ranges and furnaces.
"At DTE Energy, safety is our #1 priority for our customers and employees in our daily work to operate a safe and reliable natural gas system," said Mark Stiers, DTE Gas president and chief operating officer. "We want to let our customers know that safety is important in their daily lives as well."
The most common symptoms of CO poisoning are headache, dizziness, weakness, upset stomach, vomiting, chest pain and confusion. CO symptoms are often described as "flu-like." CO poisoning also can cause you to lose consciousness.
Carbon monoxide buildup in a home is very preventable. To avoid exposure, DTE urges customers to:
Anyone suspecting a carbon monoxide problem should immediately call 911, open doors and windows, leave the house or building, and seek medical attention.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Feb. 18, 2016 /PRNewswire/ -- DTE Energy has won a 2016 CLEAR Consumer Education Award from the non-profit Smart Grid Consumer Collaborative for the launch of the innovative DTE Insight app, recognizing DTE as an industry role model for its consumer-centric approach in the development of energy efficiency projects. The DTE Insight app allows customers to monitor real time energy use, and experience savings from their smart phone. DTE is the first utility nationwide to offer a real-time, mobile energy tracking and management tool to its customers.
"We are pleased to receive this award and proud of the positive feedback from our customers who are learning more about their personal energy usage, and making changes that save them money," said Dave Meador, vice chairman & chief administrative officer, DTE. "The DTE Insight app helps them discover how to reduce energy use at home. It's just one of the many ways our company helps to educate our customers about energy efficiency."
The free DTE Insight app links a customer's smartphone to an advanced meter, allowing customers to determine how and where they are using the most energy. By adding the DTE Energy Bridge, customers will see real-time energy usage information to help drive significant energy savings. Customers who actively use the DTE Insight app features and the energy bridge are reducing their energy usage from 5 to 10 percent, and those with Apple Watches can also view their real-time use through the Apple Watch app, according to Meador. DTE Insight app also offers:
DTE has expanded the scope of the DTE Insight app through Powerley, a 2015 joint-venture with Southeast Michigan-based Vectorform. Together, DTE and Vectorform are making this technology available to other utilities across the country.
"This award confirms the ability of Insight to provide home energy management tools to customers of other utilities," Meador added.
DTE Energy customers with an iPhone or Android phone, and have their home equipped with an advanced meter, can go to the App Store or Google Play to download the app today. Go to the app's menu and select tools to request an energy bridge.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Feb. 10, 2016 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported 2015 earnings of $727 million, or $4.05 per diluted share, compared with $905 million, or $5.10 per diluted share in 2014. Reported 2015 earnings were lower driven in large part by DTE Energy's businesses outside of its utilities. Reported earnings at the utilities were up slightly.
2015 operating earnings were $863 million or $4.82 per diluted share, compared with 2014 operating earnings of $816 million, or $4.60 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"DTE made great strides in 2015, both operationally and financially," said Gerry Anderson, DTE Energy chairman and CEO. "The year brought significant improvements in customer satisfaction and electric reliability. In 2015, DTE Electric completed more than 100 reliability improvement projects across our southeast Michigan electric service area, contributing to the best overall reliability performance in eight years. DTE continues its focus on improved reliability, with plans to invest over $6 billion in its electrical distribution system over the next 10 years."
Anderson commented on the impact an engaged workforce has had on the company's results, adding, "The focus and energy our employees bring to their work day every day drives results. In 2015, DTE Energy was recognized by Gallup for workplace excellence, receiving the Gallup Great Workplace Award for the third consecutive year. This 'three-peat' is a true reflection of the commitment and energy that our employees demonstrate every day."
Several other important DTE Energy 2015 accomplishments were highlighted:
"Becoming the best operated energy company in North America and a force for growth and prosperity in the communities we serve remains our aspiration," Anderson said. "We continue to work hard for our customers and shareholders to reach new levels of operational, reliability and financial excellence."
DTE reaffirms EPS guidance for 2016
DTE Energy reaffirmed 2016 operating EPS guidance of $4.80 to $5.05, which was provided in the September early outlook.
"DTE performed well in 2015, exceeding its financial goals, largely due to diligent and focused attention on controlling costs," said Peter Oleksiak, DTE Energy senior vice president and CFO. "While 2015 brought seasonably cool weather throughout the summer months and warm weather late in the year, our cost control efforts and reduced customer outages offset their financial impacts. We continue to see growth in development projects in our non-utility businesses, contributing to favorable financial results."
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. EST the same day. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (855) 217-7942 or international toll: (646) 254-3376. The passcode is 2415185. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, Feb. 24. To access the replay, dial U.S. and Canada toll free (888) 203-1112 or international toll (719) 457-0820 and enter the passcode 2415185.
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.
In this release, DTE Energy discusses 2016 operating earnings guidance. It is likely that certain items that impact the company's 2016 reported results will be excluded from operating results. Reconciliations to the comparable 2016 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as "anticipate," "believe," "expect," "projected," "aspiration" and "goals" signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.
Many factors impact forward-looking statements including, but not limited to, the following: impact of regulation by the EPA, FERC, MPSC, NRC, and CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations; impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations; changes in the financial condition of DTE Energy's significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant construction projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, terrorism or cyber attacks; employee relations and the impact of collective bargaining agreements; the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This [presentation/release] should also be read in conjunction with the Forward-Looking Statements section of the joint DTE Energy and DTE Electric Form 2015 Form 10-K (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.
DTE Energy Company | ||||||||
Three Months Ended |
Year Ended | |||||||
2015 |
2014 |
2015 |
2014 | |||||
Operating Revenues |
||||||||
Utility operations |
$ |
1,512 |
$ |
1,680 |
$ |
6,238 |
$ |
6,884 |
Non-utility operations |
975 |
1,398 |
4,099 |
5,417 | ||||
2,487 |
3,078 |
10,337 |
12,301 | |||||
Operating Expenses |
||||||||
Fuel, purchased power, and gas —Utility |
496 |
581 |
2,081 |
2,407 | ||||
Fuel, purchased power, and gas —Non-utility |
833 |
1,043 |
3,481 |
4,615 | ||||
Operation and maintenance |
618 |
540 |
2,214 |
2,204 | ||||
Depreciation and amortization |
227 |
290 |
852 |
1,145 | ||||
Taxes other than income |
82 |
84 |
364 |
352 | ||||
Asset (gains) losses and impairments, net |
97 |
(2) |
106 |
(12) | ||||
2,353 |
2,536 |
9,098 |
10,711 | |||||
Operating Income |
134 |
542 |
1,239 |
1,590 | ||||
Other (Income) and Deductions |
||||||||
Interest expense |
109 |
106 |
450 |
429 | ||||
Interest income |
(3) |
(3) |
(13) |
(10) | ||||
Other income |
(54) |
(60) |
(209) |
(196) | ||||
Other expenses |
25 |
63 |
61 |
92 | ||||
77 |
106 |
289 |
315 | |||||
Income Before Income Taxes |
57 |
436 |
950 |
1,275 | ||||
Income Tax Expense (Benefit) |
(20) |
135 |
230 |
364 | ||||
Net Income |
77 |
301 |
720 |
911 | ||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
(3) |
2 |
(7) |
6 | ||||
Net Income Attributable to DTE Energy Company |
$ |
80 |
$ |
299 |
$ |
727 |
$ |
905 |
Basic Earnings per Common Share |
||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.45 |
$ |
1.68 |
$ |
4.05 |
$ |
5.11 |
Diluted Earnings per Common Share |
||||||||
Net Income Attributable to DTE Energy Company |
$ |
0.45 |
$ |
1.68 |
$ |
4.05 |
$ |
5.10 |
Weighted Average Common Shares Outstanding |
||||||||
Basic |
179 |
177 |
179 |
177 | ||||
Diluted |
180 |
177 |
179 |
177 | ||||
Dividends Declared per Common Share |
$ |
0.73 |
$ |
0.69 |
$ |
2.84 |
$ |
2.69 |
DTE Energy Company | ||||||||||||||
Three Months Ended December 31, | ||||||||||||||
2015 |
2014 | |||||||||||||
(in Millions) |
Reported Earnings |
Adjustments |
Operating Earnings |
Reported Earnings |
Adjustments |
Operating Earnings | ||||||||
DTE Electric |
$ |
93 |
$ |
8 |
A |
$ |
101 |
$ |
128 |
$ |
— |
$ |
128 | |
DTE Gas |
39 |
— |
39 |
31 |
— |
31 | ||||||||
Non-utility Operations |
||||||||||||||
Gas Storage and Pipelines |
28 |
— |
28 |
23 |
— |
23 | ||||||||
Power and Industrial Projects |
(57) |
69 |
B |
12 |
24 |
— |
24 | |||||||
Energy Trading |
(22) |
23 |
C |
1 |
116 |
(97) |
C |
19 | ||||||
Total Non-utility operations |
(51) |
92 |
41 |
163 |
(97) |
66 | ||||||||
Corporate and Other |
(1) |
— |
(1) |
(23) |
5 |
D |
(18) | |||||||
Net Income Attributable to DTE Energy Company |
$ |
80 |
$ |
100 |
$ |
180 |
$ |
299 |
$ |
(92) |
$ |
207 | ||
Adjustments key |
DTE Energy Company Three Months Ended December 31, 2015 2014 Reported Earnings Adjustments Operating Earnings Reported Earnings Adjustments Operating Earnings DTE Electric $ 0.52 $ 0.04 A $ 0.56 $ 0.72 $ — $ 0.72 DTE Gas 0.22 — 0.22 0.17 — 0.17 Non-utility Operations Gas Storage and Pipelines 0.16 — 0.16 0.13 — 0.13 Power and Industrial Projects (0.32) 0.39 B 0.07 0.14 — 0.14 Energy Trading (0.12) 0.13 C 0.01 0.65 (0.54) C 0.11 Total Non-utility operations (0.28) 0.52 0.24 0.92 (0.54) 0.38 Corporate and Other (0.01) — (0.01) (0.13) 0.03 D (0.10) Net Income Attributable to DTE Energy Company $ 0.45 $ 0.56 $ 1.01 $ 1.68 $ (0.51) $ 1.17 Adjustments key
Segment Diluted Earnings Per Share
A) Tree trimming disallowance
B) Plant closure
C) Certain mark to market adjustments
D) Asset impairment
DTE Energy Company | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2015 |
2014 | |||||||||||||
(in Millions) |
Reported Earnings |
Adjustments |
Operating Earnings |
Reported Earnings |
Adjustments |
Operating Earnings | ||||||||
DTE Electric |
$ |
542 |
$ |
12 |
A |
$ |
562 |
$ |
528 |
$ |
— |
$ |
528 | |
8 |
B |
|||||||||||||
DTE Gas |
132 |
— |
132 |
140 |
— |
140 | ||||||||
Non-utility Operations |
||||||||||||||
Gas Storage and Pipelines |
107 |
— |
107 |
82 |
— |
82 | ||||||||
Power and Industrial Projects |
16 |
10 |
C |
95 |
90 |
— |
90 | |||||||
69 |
D |
|||||||||||||
Energy Trading |
(22) |
47 |
E |
15 |
122 |
(102) |
E |
20 | ||||||
(10) |
F |
|||||||||||||
Total Non-utility operations |
101 |
116 |
217 |
294 |
(102) |
192 | ||||||||
Corporate and Other |
(48) |
— |
(48) |
(57) |
8 |
G |
(44) | |||||||
— |
5 |
H |
||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
727 |
$ |
136 |
$ |
863 |
$ |
905 |
$ |
(89) |
$ |
816 | ||
Adjustments key |
DTE Energy Company | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2015 |
2014 | |||||||||||||
Reported Earnings |
Adjustments |
Operating Earnings |
Reported Earnings |
Adjustments |
Operating Earnings | |||||||||
DTE Electric |
$ |
3.02 |
$ |
0.07 |
A |
$ |
3.14 |
$ |
2.98 |
$ |
— |
$ |
2.98 | |
0.05 |
B |
|||||||||||||
DTE Gas |
0.73 |
— |
0.73 |
0.79 |
— |
0.79 | ||||||||
Non-utility Operations |
||||||||||||||
Gas Storage and Pipelines |
0.60 |
— |
0.60 |
0.46 |
— |
0.46 | ||||||||
Power and Industrial Projects |
0.09 |
0.05 |
C |
0.53 |
0.51 |
— |
0.51 | |||||||
0.39 |
D |
|||||||||||||
Energy Trading |
(0.12) |
0.26 |
E |
0.09 |
0.69 |
(0.57) |
E |
0.12 | ||||||
(0.05) |
F |
|||||||||||||
Total Non-utility operations |
0.57 |
0.65 |
1.22 |
1.66 |
(0.57) |
1.09 | ||||||||
Corporate and Other |
$ |
(0.27) |
— |
(0.27) |
(0.33) |
0.04 |
G |
(0.26) | ||||||
— |
0.03 |
H |
||||||||||||
Net Income Attributable to DTE Energy Company |
$ |
4.05 |
$ |
0.77 |
$ |
4.82 |
$ |
5.10 |
$ |
(0.50) |
$ |
4.60 | ||
Adjustments key |
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Feb. 4, 2016 /PRNewswire/ -- The DTE Energy Board of Directors declared a $0.73 per share dividend on its common stock payable April 15, 2016, to shareholders of record at the close of business March 21, 2016.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
CHARLOTTE, N.C., Feb. 4, 2016 /PRNewswire/ -- Duke Energy Renewable Services today announced it has partnered with DTE Energy Company via a five-year service agreement to operate and maintain DTE's seven wind parks totaling 400 megawatts (MW).
The fully operational wind projects consist of 247 1.6- and 1.7-MW GE turbines located in Gratiot, Sanilac and Huron counties, Michigan. The projects began operation in 2013.
In addition to providing operations and maintenance services, Duke Energy Renewable Services began supplying 24/7 remote monitoring and balance-of-plant management in January 2016. Duke Energy's Renewable Energy Monitoring Center uses powerful and secure technology to increase the performance and reliability of wind and solar power plants across the country.
"We are pleased to offer value to DTE Energy with our experienced boots on the ground as well as our sophisticated monitoring center," said Greg Wolf, president of Duke Energy Renewables and Commercial Portfolio. "DTE Energy shares in our commitment to safe and efficient operations, which ensures a beneficial partnership for years to come."
"DTE Energy is Michigan's largest investor in renewable energy, and wind energy accounts for 95 percent of our renewable portfolio," said Dave Harwood, DTE Energy's director of Renewable Energy. "Wind energy plays a key role in delivering reliable, affordable and clean energy to DTE customers. We are confident that the expertise and knowledge Duke Energy Renewable Services brings to our team will help us further optimize our wind park operations."
Duke Energy Renewable Services will provide its deep experience operating wind assets and increasing customer's energy yield during times of high electricity demand.
"We are looking forward to ensuring successful operations for DTE Energy," said Jeff Wehner, vice president of Duke Energy Renewable Operations. "Leveraging our operational experience and buying power will allow us to optimize the performance of DTE Energy's Michigan wind projects, resulting in greater service value."
About Duke Energy Renewable Services
Duke Energy Renewable Services, part of Duke Energy Renewables, is a leader in operating and maintaining wind and solar projects for customers throughout the United States. The company's growing fleet of owned and third-party wind and solar operations now spans 73 projects in 15 states, totaling more than 4,000 megawatts in electric-generating capacity. Learn more at www.duke-energy.com/Renewable.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 250 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Duke Energy Contact: Tammie McGee
24-Hour: 800.559.3853
DTE Energy Contact: Jennifer Wilt
313.235.5555
Logo - http://photos.prnewswire.com/prnh/20130322/CL81938LOGO
SOURCE Duke Energy
DETROIT, Feb. 4, 2016 /PRNewswire/ -- DTE Energy has completed three new solar projects in Avoca, Brownstown and Romulus, continuing the company's position as the state's largest solar energy producer. DTE now has 26 utility-owned solar arrays in operation with enough generating capacity to power 2,400 homes with clean, zero-emission energy.
"DTE Energy is proud to be leading Michigan as the state's largest investor and producer of both wind and solar energy," said Irene Dimitry, vice president of Business and Development at DTE Energy. "Since 2009, DTE has invested more than $67 million in solar energy, supporting a cleaner, greener environment and a more sustainable future for our communities."
All three projects became operational in late 2015 and early 2016. Details of each project include:
In addition to DTE's 26 currently operating solar arrays, the company has four more solar projects under development, including an array in Ypsilanti, at the GM Warren Transmission plant, and two large-scale arrays in Lapeer. The larger of the Lapeer solar projects is 30 MW and will be the largest utility-owned solar array east of the Mississippi River when complete. The addition of these solar projects will help position DTE Energy to exceed a state mandate requiring electric utilities to supply 10 percent of their electricity from renewable energy sources every year from 2015 to 2029.
"When DTE came to Brownstown Township and asked if we would like to participate in this project, we were eager to assist them," said Giuseppe DiSanto, economic development manager of Brownstown Township. "DTE has always been at the forefront of renewable energy technology and we are glad that Brownstown has a solar array to provide clean energy to the downriver area."
DTE is the largest investor in renewable energy in the state, having driven investments of more than $2 billion in renewable resources since 2008. Today, DTE's entire renewable energy portfolio, including solar, wind and biomass, is capable of generating nearly 1,000 MW of electricity, enough to power 400,000 homes. The portfolio includes facilities owned and operated by DTE Energy, along with contracts to purchase power from third-party developers in Michigan. All of the power generated by these facilities is fed into DTE's electrical grid and distributed to those who need it.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
Photo - http://photos.prnewswire.com/prnh/20160204/329701
Photo - http://photos.prnewswire.com/prnh/20160204/329702
SOURCE DTE Energy
DETROIT, Feb. 2, 2016 /PRNewswire/ -- DTE Electric has filed a request with the Michigan Public Service Commission (MPSC) to continue a multi-year modernization of southeast Michigan's electric distribution infrastructure. Average residential customer bills are expected to remain at 2012 levels or lower. The request was filed Monday.
"Our customers want us to provide more reliable service while keeping the cost of energy affordable and competitive. We are making progress on both fronts," said Jerry Norcia, president and chief operating officer, DTE Electric.
"As a result of a variety of initiatives we've undertaken, our customers have experienced fewer outages, and reliability has improved by 20 percent. We've been able to do all of this while keeping our operations and maintenance costs flat, and keeping the average residential bill and commercial and industrial rates below the national average," Norcia said. "It's important to continue the work needed to modernize and automate our aging infrastructure to meet the demands of the 21st century."
The requested rate adjustment of $344 million will enable the company to make significant improvements to the electric system's aging infrastructure and equipment. This aging equipment causes more frequent and longer power outages.
Aging infrastructure is a national concern. Like all critical infrastructure systems across the country, DTE's electric system needs to be upgraded and modernized. In southeast Michigan, some of the key components on DTE's distribution system are roughly twice the ideal age for this equipment.
Recently, DTE Electric championed a variety of initiatives, including:
It's critical for DTE customers that the company continues its reliability work over the next decade, including replacing aging underground cables and substations, and trimming trees near critical circuits.
"While we've made progress in our efforts to upgrade our system and improve reliability, we will continue to work to ensure we have the ability to power our Michigan families and businesses now and in the future," Norcia added.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
Photo - http://photos.prnewswire.com/prnh/20160202/328621
SOURCE DTE Energy
DETROIT, Jan. 27, 2016 /PRNewswire/ -- A nationwide survey of nearly 12,000 business customers ranked DTE Energy (NYSE: DTE) among the top utilities in providing high-quality service and building relationships with minority-owned businesses.
The company ranked No. 2 against 59 other utilities in a customer engagement study conducted by Market Strategies, earning DTE a top spot on the 2015 Business Customer Champion list.
A number of initiatives in the past few years have helped DTE achieve this ranking, including its focus on improving service reliability and educating customers on energy efficient practices. In 2014, customers who participated in DTE's energy-efficiency programs will realize a lifetime energy savings of $585 million.
The survey measured customer engagement in the areas of brand trust, product experience and operational satisfaction. DTE Energy earned 797 on a 1,000 point scale, which is 49 points higher than the national business score.
"We're continually working to forge strong relationships with business customers by offering products and programs tailored to their specific needs," said Jerry Norcia, DTE Electric president and chief operating officer. "It's a privilege to serve a growing, thriving minority business community. We're proud that our efforts are resonating with business customers."
According to Chris Oberle, senior vice president at Market Strategies, DTE's energy efficiency programs in particular are important to business customers.
"These businesses view their utilities as trusted advisers and are actively seeking advice from them on ways to manage their energy consumption more economically and build a better business climate," Oberle said.
"These programs help business customers save money and energy," Norcia said. "Most importantly, they're allowing us to provide the best possible service on a daily basis. We're proud our minority-owned business customers recognize these efforts."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Photo - http://photos.prnewswire.com/prnh/20160127/326539-INFO
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Jan. 25, 2016 /PRNewswire/ -- The DTE Energy Foundation, the philanthropic arm of DTE Energy, awarded $15 million in grants in 2015, impacting 450 communities across Michigan. Over its 32-year history, the Foundation has continued to deepen its support for the state and its residents; last year's charitable giving was its highest level ever, a 25 percent increase from 2014.
"The DTE Energy Foundation has always believed it is our responsibility to sustain and protect Michigan's legacy – from its cultural institutions to its beautiful natural environment – and to help build its future," said Faye Nelson, vice president of Public Affairs, DTE Energy and the president of the DTE Energy Foundation. "2015 marked a monumental year in our giving history and, as a result, DTE is making a difference and improving the quality of life for the state's residents."
The DTE Energy Foundation supports jobs and education, environmental stewardship, economic progress and neighborhood revitalization to be a force for growth and prosperity, ensuring communities are vibrant places to live, work and play.
Key community investments include:
Jobs and Education
Economic progress
Environmental Stewardship
Neighborhood Safety and Revitalization
"Our giving footprint touches every community where we live and serve," said Nelson. "Our support allows people and communities to flourish – making the homes we live in and the streets our children play on safer, providing educational opportunities and creating jobs – all of which are integral to the economic vitality of Michigan."
About the DTE Energy Foundation
The DTE Energy Foundation is the philanthropic arm of DTE Energy, continuing the legacy of community support and involvement of its electric and natural gas utilities, which serve 2.1 million electric customers in Southeast Michigan and 1.2 million natural gas customers in Michigan. In 2015, the DTE Energy Foundation provided $15 million in grant support to nonprofits throughout the company's service territories. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. http://www.dteenergy.com/foundation.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Jan. 25, 2016 /PRNewswire/ -- DTE Energy (NYSE:DTE) will announce its full year 2015 earnings before the market opens Wednesday, Feb. 10, 2016.
The company will conduct a conference call to discuss earnings results at 9 a.m. EST the same day.
Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (855) 217-7942 or international toll: (646) 254-3376. The passcode is 2415185. The webcast will be archived on the DTE Energy website at www.dteenergy.com/investors.
About DTE Energy
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide.
Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Jan. 21, 2016 /PRNewswire/ -- Lower prices for natural gas and unseasonably warm temperatures in November and December are expected to save the average DTE Energy natural gas customer nearly $200 this winter heating season.
DTE Energy this month lowered by 8 percent the gas rate – the market price DTE pays for the natural gas its customers use – to $3.70 per thousand cubic feet from $4.07, saving its residential and business customers money every month. Coupled with warmer-than-normal temperatures in November and December, this makes the start of the winter heating season more affordable for DTE natural gas customers.
"The cost of natural gas can change monthly because of the laws of supply and demand," said Mark Stiers, DTE Gas president and chief operating officer. "We charge customers only the price we pay for gas, and when those costs are lowered, we pass those savings on to our customers. The result – customers have more disposable income, helping our local economies."
Michigan's unique geology allows DTE to buy large quantities of natural gas when prices are low, allowing the company to store it underground until it is needed during the cold winter months, giving DTE customers price stability.
With warmer temperatures in November and December in 2015, DTE forecasts the average total bill this winter will be 27 percent, or $182, less than last winter's heating season bill.
DTE natural gas customers' bills are reflective of three key variables – the cost of the natural gas used by customers, the amount of natural gas used and the severity of the weather, which impacts energy use.
"We continuously work to make our operations more efficient in an effort to keep energy affordable for our customers," Stiers said. "Our customers can also better manage their energy bills by saving energy through a number of our low- and no-cost energy-efficiency tips."
Energy-saving tips can be found by visiting DTE's website under 'save energy.'
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide.
Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Jan. 19, 2016 /PRNewswire/ -- DTE Energy has opened two new Community Customer Offices in an effort to better serve customers residing in Northwest Detroit. The offices, located in the Northwest Activities Center at 18100 Meyers Rd., and in the Focus Hope grocery building at 1300 Oakman Blvd., will replace the 7 Mile Rd. customer office, which will close as of January 22, 2016.
"Our new Community Customer Offices were strategically selected to be located right in the communities where our customers live and work," said David L. Johnson, vice president, Customer Service and Marketing, DTE Energy. "We know that many of our customers are already visiting these businesses for other reasons, and we hope that our relocation will provide a one-stop, more efficient and convenient means for our customers to handle their business with us."
DTE Payment Kiosks have been installed at the new community office locations, allowing customers to quickly and easily look-up and pay their DTE bills, for free, using cash, check and credit card. The kiosks are also located at a number of Rite Aid stores throughout the community, providing even more convenience to customers.
"We've been working hard to introduce a number of self-service account access and payment options for our customers over the past year that provide them with quick and easy ways to access and pay their bills, compare electricity and gas usage data, and sign-up for programs to help them better manage their accounts," Johnson said. "In addition to the 25 payment kiosks located throughout the community, our customers can access their accounts and pay their bills on the dteenergy.com website and DTE Energy Mobile app, both of which are free and accessible 24 hours a day, seven days a week."
DTE representatives will be available in the Community Customer Offices for customers requiring help with more complex issues that cannot be taken care of with the self-service options. Both the Northwest Activities Center and Focus Hope offices will open for business Monday, January 25. Operating hours are Monday – Friday 9:00 a.m. – 4:30 p.m.
In addition to Payment Kiosks, DTE offers a variety of other self-service payment and billing options that are free and available to customers 24 hours a day seven days a week to help them more easily access, manage and pay their bills.
Visit dtekiosk.com for a list of payment kiosk locations, and download the DTE Energy Mobile app from the App Store or Google Play.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Jan. 14, 2016 /PRNewswire/ -- Michigan's winter heating season is upon us, and with the recent snow, DTE Energy reminds its gas customers to keep their meters clear of ice and snow.
Snow and ice buildup on your natural gas meter may result in damage and can interfere with proper operation, potentially causing a gas leak.
"The safety of our customers and employees is DTE's top priority," said Mark Stiers, DTE Gas president and chief operating officer. "We appreciate our customers' actions to maintain a safe environment for themselves, and they can also help our employees be safe as they work in the field."
In order to read and service meters for both daily operations and emergency situations, DTE technicians need to have proper access. To ensure continued, reliable and safe service, customers can help DTE by:
When you shovel your walk, take a few minutes to check and clear your gas meter. It will provide peace of mind all winter long.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
DETROIT, Dec. 21, 2015 /PRNewswire/ -- DTE Energy, in collaboration with the City of Lapeer, Mich., plans to break ground in the spring of 2016 on 45 megawatts (MW) of new solar generating capacity at two project sites. The projects will generate enough to power 9,000 average size homes with clean, zero-emission solar energy.
The larger of the two projects will be 30 MW, located off Interstate 69 between Michigan Highway 24 and Lake Nepessing Road. When completed, it will be the largest operating utility-owned photovoltaic solar array east of the Mississippi and the third largest in the country. A second project totaling 15 MW will be developed simultaneously at a site located on Turrill Road between Michigan Highway 24 and Clark Road.
"DTE is the largest investor in solar in the state. The development of the two new Lapeer solar projects furthers that investment and reflects DTE Energy's broader commitment to build a more sustainable future for our customers through a cleaner, more diversified energy portfolio," said Irene Dimitry, DTE Energy's vice president of Business & Development.
On Dec. 11, the Michigan Public Service Commission approved DTE's contract with Inovateus Solar MI, LLC to develop additional solar generating capacity of up to 50 MW. This approval allows DTE to move forward with development of the two Lapeer sites. The company is evaluating other sites for the remaining 5 MW of the approved generating capacity.
"Lapeer is proud to partner with DTE Energy on these solar projects, and we look forward to a long term relationship that produces many benefits for the City of Lapeer, its residents, Lapeer County, Lapeer Community schools, the I-69 corridor, and beyond. I would like to thank the professional, detail-oriented team at DTE for their commitment to the City of Lapeer," said William Sprague, mayor of the City of Lapeer.
DTE is currently developing five other solar projects across Michigan, including a 1.9 MW array at the company's Greenwood Power Plant, a 750-kilowatt (kW) array in Romulus and a 500 kW array in Brownstown, which will be complete by the end of 2015. The company is also planning an 800 kW installation in Ypsilanti and an 800 kW installation at the GM Warren Transmission plant, scheduled to be completed by June 2016.
The addition of these solar projects will position DTE Energy to exceed a state mandate requiring electric utilities to supply 10 percent of their electricity from renewable energy sources every year from 2015 to 2029.
DTE is the largest investor in renewable energy in the state, having driven investments of over $2 billion in renewable resources since 2008. Today, DTE Energy's entire renewable energy portfolio, including solar, wind and biomass, is capable of generating nearly 1,000 megawatts of electricity, enough to power 400,000 homes. The portfolio includes facilities owned and operated by DTE Energy, along with contracts to purchase power from facilities owned and operated by third-party developers in Michigan. All of the power generated by these facilities is fed into the company's electrical grid and distributed to where it is needed.
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Logo - http://photos.prnewswire.com/prnh/20140924/148236
SOURCE DTE Energy
Birdsboro Pipeline Project (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Midstream Appalachia, LLC
Blue Water Energy Center (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
DT Midstream Appalachia Gathering System Expansion - Phase 2 (subscriber access)
Parent Entities:
DT Midstream
DT Midstream Haynesville Blue Union Expansion (subscriber access)
Parent Entities:
DT Midstream
DT Midstream Louisiana Carbon Capture and Sequestration (subscriber access)
Status: (subscriber access)
Parent Entities:
DT Midstream
DT Midstream Ohio Utica Gathering System (subscriber access)
Status: (subscriber access)
Parent Entities:
DT Midstream
DTE Detroit Solar Project (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
DTE Michigan Power Project (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
DTE Michigan Wind Farm (2020) (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
DTE Michigan Wind Farm (2021) (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
DTE Michigan Wind Farm (2022) (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
DTE Solar Capacity Project (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
DTE South Carolina Shared Solar Program (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
East China Township Power Plant (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
Fairbanks Wind (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
Haynesville Wellhead to Water System Expansion - Phase 1 (subscriber access)
Status: (subscriber access)
Parent Entities:
DT Midstream
Haynesville Wellhead to Water System Expansion - Phase 2 (subscriber access)
Status: (subscriber access)
Parent Entities:
DT Midstream
Isabella Wind (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
LEAP Phase 3 Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
DT Midstream
LEAP Phase 4 Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
DT Midstream
Meridian Wind Park (subscriber access)
Parent Entities:
DTE Energy Company
Pine River Wind Park (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
Polaris Wind Park (subscriber access)
Status: (subscriber access)
Parent Entities:
DTE Energy Company
Stonewall Gas Gathering System Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
DT Midstream
Subscribe now for access to Criterion Research's historical production and forecast production by company.
Subscribe now for access to Criterion Research's hedge and analysis.