DTE Energy reports developments across its Detroit-based diversified energy business, including regulated electric service in Southeast Michigan and regulated natural gas service across Michigan. News commonly covers utility capital investments, electric reliability programs, cleaner generation, natural gas system upgrades, Michigan Public Service Commission rate matters, and large-load service agreements tied to data center demand.
Recurring updates also include quarterly and annual earnings, operating earnings commentary, common stock dividend declarations, customer energy assistance, energy efficiency programs, and activity in DTE's energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading.
DTE Energy declared a dividend of $0.9525 per share on its common stock, payable on January 15, 2023, to shareholders of record by December 19, 2022. This continues DTE's century-long history of issuing cash dividends. Recently, DTE proposed a $9 billion investment in renewable energy in Michigan, expected to create 25,000 jobs and save $1.4 billion in clean energy transition costs. The company aims to reduce carbon emissions by 50% by 2028, 90% by 2040, and achieve net-zero emissions by 2050.
DTE Energy Foundation has awarded $1.26 million in grants to 10 Detroit-area organizations aimed at fostering economic prosperity and community transformation. The grants support diverse initiatives such as job development, small business growth, and immigrant services. Notable recipients include ACCESS ($300,000), Detroit Economic Growth Corporation ($200,000), and Downtown Detroit Partnership ($500,000) for events like the Detroit Tree Lighting Ceremony. This funding reflects the Foundation's commitment to inclusivity and community vitality across Southeast Michigan.
DTE Energy has unveiled its CleanVision plan, a comprehensive 20-year strategy to transition to renewable energy sources. Key highlights include achieving 85% CO2 emissions reductions by 2035 and generating enough solar and wind energy to power about 4 million homes. The plan will see a $9 billion investment in Michigan, creating over 25,000 jobs, while also proposing the retirement of coal plants by 2035. The initiative promises a $1.4 billion reduction in clean energy transition costs and aims for net-zero carbon emissions by 2050.
DTE Foundation enhances support for domestic violence victims
On October 27, 2022, the DTE Energy Foundation announced an additional $420,000 in grants to 45 Michigan-based domestic violence shelters, elevating total funding over four years to more than $2.2 million. This funding aims to aid shelters in providing essential services such as housing, healthcare, and legal support for survivors. DTE also contributed by creating 2,400 hygiene kits for shelters, emphasizing its commitment to community welfare amidst increasing domestic violence needs.
DTE Energy announced the addition of 650 megawatts of solar energy in Michigan, enhancing its renewable energy portfolio. The company reported third quarter earnings of $387 million, or $1.99 per diluted share, down from $334 million, or $1.72 per diluted share, year-over-year. Key initiatives include a partnership with Ford for renewable energy, the arrival of Our Next Energy Inc. bringing 2,000 jobs, and the launch of the Detroit Tree Equity Partnership aimed at urban greening. DTE Energy reaffirms its 2022 operating EPS guidance of $5.90 - $6.10.
DTE Energy has announced that 7-Eleven will achieve 100% renewable energy for its 160 southeast Michigan locations through DTE's MIGreenPower program, starting in 2025. This initiative will reduce carbon dioxide emissions by over 15,000 tons annually, equivalent to removing nearly 3,000 gasoline cars from the road. 7-Eleven previously met its 20% CO2 reduction goal ahead of schedule, now aiming for a 50% reduction by 2030. DTE continues to expand its renewable energy portfolio, which supports its leadership in Michigan's clean energy transition.
DTE Energy will report its third quarter 2022 earnings on October 27, 2022, before market opening.
A conference call will follow at 8:30 a.m. ET to discuss the results. Interested parties can listen live via internet broadcast at dteenergy.com/investors.
DTE Energy has announced a significant $10 million donation to five non-profit organizations in Michigan to assist residents facing financial hardships with their energy bills. This initiative aims to support the elderly, unemployed, and disabled individuals in the state. Recipients of the funding include United Way for Southeastern MI ($4 million) and The Salvation Army ($2 million). Since 2016, DTE has contributed over $50 million to similar programs, demonstrating a commitment to help customers maintain energy access, particularly during challenging times.
DTE Energy has announced a significant agreement with Ford Motor Company to add 650 megawatts of solar energy in Michigan through its MIGreenPower program. This initiative will boost the total installed solar capacity in the state by nearly 70%. By 2025, all Ford vehicles manufactured in Michigan will use 100% carbon-free electricity, surpassing Ford's global target by a decade. The partnership aims to avoid 600,000 tons of CO2 emissions and is expected to create 250 temporary and 10 permanent jobs, bolstering local economies.
DTE Energy announced the successful remarketing of its 2019 Series F 4.220% Senior Notes due 2024, originally issued on Nov. 1, 2019. The maturity date has been moved up from Nov. 1, 2025 to Nov. 1, 2024. The remarketing, set to close on Aug. 8, 2022, will not generate direct proceeds for DTE; instead, proceeds will fund the purchase of treasury securities maturing by Nov. 1, 2022. These securities are linked to stock purchase contracts from the Corporate Units.