DTE Energy announces an additional $100 million investment to rebuild the electric grid; part of DTE's commitment to reduce outage frequency by 30% and cut restoration time in half by 2029
Rhea-AI Summary
DTE Energy (NYSE:DTE) announced a $100 million investment to construct three new electric substations in Northville Township ($57M), Pontiac ($17M), and Shelby Township ($39M). This initiative is part of DTE's commitment to reduce power outage frequency by 30% and cut restoration time in half by 2029. The substations will be equipped with smart grid technology to monitor and automatically adjust power supply. The projects include installing new poles, power lines, and electric equipment. Additionally, DTE is rebuilding power delivery infrastructure across its service territory with a dozen substations in various stages of completion in multiple townships.
Positive
- $100 million infrastructure investment to improve grid reliability
- Smart grid technology implementation to reduce outages
- Expansion of capacity to support growing industrial and commercial demand
- Strategic positioning for future electrification needs including EVs
Negative
- None.
News Market Reaction
On the day this news was published, DTE gained 0.34%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
•New investments to improve electric reliability include the construction of three electric substations and new, updated equipment to deliver power from these substations to customers’ homes and businesses
Detroit, Nov. 18, 2024 (GLOBE NEWSWIRE) -- DTE Energy (NYSE:DTE) today announced the construction of three new electric substations as part of the company’s ongoing commitment to reducing power outage frequency by
The new substations will be in Northville Township, Pontiac and Shelby Township and represent a total investment of more than
"We're not just building for today — we're building the grid of the future to meet the evolving needs of our customers and communities for decades to come," Matt Paul, president and chief operating officer, DTE Electric, said. “These new substations represent a major investment in our system that will improve reliability, while increasing capacity to support growth, economic development and a more electrified future, including electric vehicles."
Substations are critical parts of the electric grid that adjust voltage levels coming from power plants to distribute electricity safely and efficiently to homes and businesses. The substation construction is part of DTE’s broader grid investment strategy that includes transitioning to a smart grid, upgrading existing infrastructure, rebuilding significant portions of the grid and trimming trees.
Each new substation will be equipped with smart grid technology that will reduce the number and duration of outages. This technology enables DTE to monitor the grid from its state-of-the-art System Operations Center located in the company’s downtown Detroit headquarters. The technology automatically adjusts power supply to meet demand or reroutes power. The projects will also include installing new poles, power lines and electric equipment that deliver power from substations to customers’ homes and businesses.
The new substations under construction are:
- Northville Township:
$57 million investment to build a new substation from 2024 to 2026 to support the expanding technology corridor in Northville Township and Plymouth. - Pontiac:
$17 million investment to build a new substation from 2024 to 2026 to help improve reliability and increase capacity on the southwest side of Pontiac. - Shelby Township:
$39 million investment to build a new substation from 2024 to 2026 to support the growing industrial and commercial demand along 23 and 24 Mile Roads.
DTE is also rebuilding power delivery infrastructure across its service territory and has a dozen substations in various stages of being energized and commissioned. This work is happening in Almont, Ann Arbor, Detroit, Lapeer, Port Hope, Port Huron, Van Buren Township and Vassar Township.
For more information about DTE's efforts and the new substations, visit empoweringmichigan.com or the company’s Power Improvements Map.
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 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
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FAQ
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