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 reported strong financial results for 2020, achieving earnings of $1.4 billion ($7.08 per diluted share), up from $1.2 billion ($6.31 per diluted share) in 2019. Operating earnings also increased to $1.4 billion ($7.19 per diluted share), exceeding the company's guidance midpoint. The company maintained flat customer rates for 2021 and invested $2.2 billion in Michigan businesses. Notably, DTE ranked highest in Midwest customer satisfaction and set a 2050 net zero carbon emissions goal. The company reaffirms its 2021 operating EPS guidance of $6.88 - $7.26.
DTE Energy is offering rebates of up to $1,200 per unit for the purchase of high-efficiency, ultra-low temperature freezers, crucial for storing COVID-19 vaccines. This initiative supports pharmacies, medical offices, and hospitals during the pandemic. Customers can benefit from instant rebates based on freezer size, with a maximum eligibility of $50,000 in rebates per location. This program emphasizes DTE's commitment to helping businesses manage health and economic impacts caused by COVID-19.
DTE Energy is set to announce its full-year earnings for 2020 on February 19, 2021, before market opening. The conference call will start at 9 a.m. ET, allowing investors and the public to access the live broadcast on the company's website. DTE Energy, a diversified energy company based in Detroit, serves over 2.2 million electric customers and 1.3 million gas customers in Michigan. The company aims for significant reductions in carbon emissions by 2040 and has set a net zero carbon goal by 2050.
DTE has joined The Valuable 500, a global coalition promoting disability inclusion. This alliance emphasizes DTE's commitment to empowering individuals with disabilities in the workforce. The company plans to enhance its partnerships with programs like Project Search to assist young adults with disabilities in gaining vital skills and employment. DTE aims to be a leader in creating inclusive job opportunities while championing systemic barriers in employment for people with disabilities. Currently, only 4% of companies are actively working on disability inclusion, highlighting DTE's progressive stance.
DTE Energy has declared a cash dividend of $1.085 per share on its common stock, payable on April 15, 2021, to shareholders of record as of March 15, 2021. This dividend marks over 100 years of consistent dividend issuance, emphasizing the company's strong commitment to shareholder returns. DTE Energy serves 2.2 million electric customers and 1.3 million gas customers in Michigan. The company is also pursuing significant carbon reduction goals, aiming to decrease emissions by over 80% by 2040.
DTE Energy has launched the CleanVision Natural Gas Balance program, the first of its kind in the U.S. to combine carbon offsets and renewable natural gas. This initiative aims to help customers offset 25% to 100% of their natural gas emissions by preserving Michigan forests and converting landfill and wastewater by-products into usable gas. The program is part of DTE's commitment to achieving net zero carbon emissions by 2050 and is projected to reduce annual greenhouse gas emissions by over 6 million metric tons. Madcap Coffee is the first customer to join this program.
The DTE Energy Board of Directors has announced the date for its 2021 Annual Meeting of Common Stock Shareholders, set for May 20, 2021. Shareholders of record by March 23, 2021, will be eligible to vote. Interested shareholders must submit proposals or nominations to the corporate secretary by January 7, 2021. DTE Energy is a diversified energy company servicing over 3.5 million customers across Michigan, aiming for an 80% reduction in CO2 and methane emissions by 2040 and net zero emissions by 2050.
Elliott Management Corporation expressed strong support for DTE Energy's plan to spin off its DTE Midstream business. Senior Portfolio Manager Jeff Rosenbaum praised CEO Gerardo Norcia for the decision, emphasizing that it aims to unlock significant shareholder value. The spin-off is expected to highlight DTE Electric and DTE Gas as leading U.S. regulated utilities, while DTE Midstream will focus on attractive natural gas basins, promising best-in-class earnings growth. Elliott believes both entities will achieve superior results as independent companies.
DTE Energy (NYSE: DTE) announced a planned spin-off of its non-utility Midstream business, expected to be completed by mid-2021. This move aims to transform DTE Energy into a pure-play regulated utility, while positioning Midstream as an independent public company. Shareholders will receive a pro-rata dividend of Midstream shares, tax-free for U.S. federal income tax purposes. DTE is increasing its utility capex plan by $2 billion to $17 billion and has raised its 2020 guidance and 2021 dividend by 7%. Both companies are committed to their Michigan communities.
DTE Energy reported strong third-quarter 2020 earnings of $476 million, or $2.46 per diluted share, compared to $319 million, or $1.73 per diluted share in 2019. Operating earnings rose to $504 million, up from $351 million in the previous year. The Board declared a dividend of $1.085 per share, payable January 15, 2021, marking a 7% increase. DTE also filed an updated voluntary renewables plan, committing to additional solar energy projects, and ranked first in customer satisfaction for DTE Gas. The 2020 operating EPS guidance was raised to $6.90 - $7.10.