Dte Energy Co Stock Price, News & Analysis

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.

DTE Energy announced a reduction in electric bills by passing approximately $300 million in fuel and transportation cost savings to customers through 2025. The reduction, effective November 1, 2024, will lower residential customers' bills by about $5 per month through the Power Supply Cost Recovery mechanism (PSCR). The company is committed to keeping operating costs low while building the electric grid of the future and plans to eliminate coal use by 2032. DTE aims to reduce power outages by 30% and cut outage duration in half by 2029.

DTE Energy is preparing customers for expected increases in winter energy usage by providing resources and tips for managing consumption and costs. The company, which recently earned top scores in Customer Satisfaction with Business Natural Gas Service in the Midwest, buys natural gas in advance when costs are lower to maintain affordability. Key recommendations include setting thermostats to 68 degrees during the day, which can save 3% on heating costs per degree lowered, and sealing air leaks to save up to 10% on annual energy costs. DTE offers financial assistance programs and encourages customers facing payment difficulties to contact them at 800-477-4747 for support options.

The DTE Energy Foundation has announced a new round of grants totaling $420,000 to support 45 state-funded domestic violence shelters across Michigan. This latest contribution brings the Foundation's total support to over $3 million over the past six years. The DTE Foundation stands as the only supporter providing grants to all state-funded domestic violence shelters in Michigan, from the Upper Peninsula to southern Michigan.

The grants, distributed based on bed count, support critical expenses including housing, transportation, employment assistance, healthcare needs, and help navigating the criminal justice system. These shelters receive partial funding from the Michigan Department of Health and Human Services (MDHHS), which acknowledges the essential role of private organizations like DTE Foundation in meeting growing needs.

DTE Energy has been ranked #1 in Customer Satisfaction with Business Natural Gas Service in the Midwest by J.D. Power's 2024 study. The company scored highest in Price and Corporate Citizenship categories. DTE's success in pricing reflects its strategy of purchasing and storing natural gas when prices are lower. In 2023, nearly 4,000 DTE employees volunteered over 75,000 hours with 862 nonprofits. The company invested $2.7 billion with Michigan businesses, creating over 12,000 jobs. DTE serves nearly 90,000 businesses and offers various services including energy efficiency programs, a dedicated business call center, and enhanced web experience.

DTE Energy has commenced operations at Sauk Solar, its largest solar park located in Branch County, Michigan. The 150-megawatt facility features nearly 347,000 solar panels and can power approximately 40,000 homes. This project is the first of six new solar parks funded through DTE's CleanVision MIGreenPower program. The development created over 350 local jobs during construction and will provide Branch County with millions in tax revenue. The project advances DTE's goals of achieving net zero carbon emissions and meeting Michigan's 60% renewable energy standard by 2035. DTE currently powers over 750,000 homes with clean energy and aims to increase this to 5.5 million homes by 2042.

DTE Energy reported strong Q3 2024 performance with earnings of $477 million ($2.30 per diluted share), up from $332 million in 2023. Operating earnings reached $460 million ($2.22 per diluted share), compared to $298 million in 2023. The company has invested over $3 billion year-to-date and plans to exceed $4 billion in 2024 for grid modernization, cleaner energy generation, and gas infrastructure improvements. Key achievements include starting construction of three new solar parks, implementing smart grid technology that prevented over 9,000 power interruptions, and progressing on 10 new substations. DTE confirms its 2024 operating EPS guidance of $6.54-$6.83.

DTE Energy is urging media outlets to alert the public about DTE impersonators following a tragic homicide in Rochester Hills on October 11, 2024, allegedly committed by imposters posing as DTE employees. The company emphasizes the importance of verifying the identity of anyone claiming to be from DTE by asking to see a photo ID badge.

Key points for customers:

• Know your gas provider, as DTE may not supply both electricity and gas
• DTE typically contacts customers in advance for routine visits
• All DTE employees and contractors must carry and show photo ID badges when asked
• Call 800-477-4747 to confirm if unsure about a visit
• Keep doors locked while verifying identity
• For gas service, DTE employees only need to enter homes with indoor gas meters

If someone refuses to show a badge or acts suspiciously, customers are advised to call 911 immediately.

DTE Energy (NYSE:DTE) has released its 2023 CleanVision Sustainability Report, highlighting the company's progress in providing cleaner, more reliable, and affordable energy. The report focuses on DTE's efforts to improve operations, achieve net zero goals, care for customers, and develop a workforce for Michigan's energy future.

Key highlights include:

• A commitment to reduce power outages by 30% and cut system outage duration in half over the next five years
• Investments balancing affordability with keeping bill increases below inflation rates
• Programs and services targeting vulnerable customers' needs

The report adheres to industry standards and frameworks, including EEI, AGA, GRI, TCFD, and SASB. It serves as a roadmap for DTE's ongoing sustainability efforts and corporate citizenship work.