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 is bolstering Michigan's economic growth by delivering energy to three impactful business development sites: an Amazon distribution center, a Fiat Chrysler assembly plant, and a retooling project at Ford Motor Co. These projects rank among North America's top 20 development deals. DTE's economic development team assists businesses in securing low-cost energy rates and access to renewable energy. The company aims for significant reduction of carbon emissions by 2040, aligning with its commitment to sustainable growth and community support.
DTE Midstream has initiated test gas flow in its Louisiana Energy Access Project (LEAP), set to fully commence on August 1, 2020. This 150-mile, 36-inch pipeline connects Louisiana’s Haynesville Basin to the Gulf Coast, catering to the increasing demand for natural gas in various sectors, including LNG exports. LEAP is fully contracted with a capacity of 1.0 Bcf/d and notable expansion potential. DTE Midstream emphasizes safety and efficiency, completing the project ahead of schedule and under budget.
DTE Energy issued guidance to customers in response to a summer heat wave affecting Southeastern Michigan, advising on ways to reduce energy bills. With temperatures exceeding 90 degrees, energy usage is expected to rise, particularly as residents stay home due to the ongoing COVID-19 pandemic. Suggested tips include using microwaves for cooking, postponing laundry until cooler evening hours, and checking HVAC filters regularly. DTE also offers rebates for air conditioner replacements and encourages the use of its DTE Insight app for tracking energy consumption.
DTE Energy will announce its second quarter 2020 earnings on July 28, before the market opens. A conference call is scheduled for 9 a.m. ET to discuss these results, which can be accessed via a live internet broadcast. DTE Energy provides electric service to 2.2 million customers and natural gas to 1.3 million customers in Michigan. The company aims for significant reductions in emissions by 2040 and aspires to achieve net zero carbon emissions by 2050.
DTE Electric has received approval from the Michigan Public Service Commission for a plan to maintain electric rates unchanged until 2022, helping customers recover from the pandemic. The plan includes significant investments in infrastructure, an accelerated retirement of the River Rouge power plant, and a commitment to renewable energy, with an additional 353 megawatts of wind and solar projects expected by 2022. This initiative will result in a substantial reduction in carbon emissions and is poised to benefit the environment and Michigan's economy.
DTE Energy has expanded its commitment to achieve net zero carbon emissions by 2050, now including DTE Gas. This goal will reduce greenhouse gas emissions across its procurement and delivery processes. DTE Gas plans to partner with customers to tackle their carbon footprints, which could lower emissions by over 6 million metric tons annually by 2050. The strategy involves working with suppliers, improving operational practices, and enhancing customer programs. This innovative approach positions DTE Gas as an industry leader in sustainability, aiming for extensive reductions in methane emissions.
DTE Energy's Board of Directors declared a $1.0125 per share dividend on common stock, payable on October 15, 2020, to shareholders of record by September 21, 2020. This marks a continuation of DTE's longstanding history of cash dividends. CEO Jerry Norcia emphasized the company's focus on safety and efficiency, contributing to robust dividends. DTE operates in energy management and development, serving over 3.5 million customers in Michigan, while aiming for an 80% reduction in emissions by 2040 and achieving net zero carbon by 2050.
DTE Energy has initiated a campaign named "Caring in the Crisis" to assist Detroit-area residents facing hardships due to COVID-19. This initiative includes public service announcements and a scheduled "Day of Caring" radio event on May 22, featuring community leaders who will highlight available support options. DTE is offering multiple assistance programs such as a new Personalized Service Protection plan and state financial aid connections. Additionally, the DTE Energy Foundation has contributed significantly by donating masks and meals during the pandemic.
DTE Energy announced new electric rates approved by the Michigan Public Service Commission, effective May 15, 2020. These changes aim to enhance electric reliability, which has already improved by 30%, while average residential bills for 500 kWh usage will rise by $4 but remain below the national average. Amid the COVID-19 pandemic, DTE is providing $30 to $40 million in bill relief and extending its service protection period to June 1. Investments will also support infrastructure projects, reduce carbon emissions, and upgrade the Ludington Pumped Storage Power Plant, increasing its capacity.
DTE Energy declared a dividend of $1.0125 per share on its common stock, payable on July 15, 2020, to shareholders of record by June 15, 2020. This announcement highlights DTE Energy's commitment to delivering consistent returns to shareholders, continuing a dividend-paying history exceeding 100 years. The company's president emphasized the importance of dividends in providing above-average shareholder returns. DTE also aims for significant reductions in carbon dioxide and methane emissions, targeting net zero carbon by 2050.