DTE Energy (NYSE: DTE) has invested over $3 billion this year and aims to surpass $4 billion in investments for 2024. This commitment is focused on developing the electric grid of the future, transitioning to cleaner energy sources, and enhancing the safety and reliability of its natural gas infrastructure.
The company reported third-quarter earnings of $477 million, or $2.30 per diluted share, compared to $332 million, or $1.61 per diluted share, in the same period of 2023. Operating earnings for Q3 2024 stood at $460 million, or $2.22 per diluted share, up from $298 million, or $1.44 per diluted share, in 2023. Operating earnings exclude non-recurring items and certain mark-to-market adjustments. Detailed reconciliations of reported earnings to operating earnings can be found at the end of this announcement.
“Thanks to the innovation and dedication of our team, DTE is making significant strides in building a cleaner, more resilient energy grid,” said Jerry Norcia, DTE Energy’s chairman and CEO. “In just the third quarter of 2024, we commenced construction on three new solar energy parks and are either building or energizing ten new substations to support Michigan’s future. Our robust financial position and favorable regulatory climate empower us to invest beyond our generated cash flows to enhance reliability and promote cleaner generation.”
Norcia highlighted several key achievements for the third quarter:
- Enhancing Electric Reliability: DTE’s investments in smart grid technology and new substations are significantly improving electric reliability. These initiatives have prevented over 9,000 power interruptions and more than 3.6 million minutes of outages for customers in 2024. Smart grid technology helps detect downed wires automatically, enhancing safety and allowing for quicker damage assessment and restoration. The company is actively constructing or energizing ten new substations, which are essential for efficiently distributing electricity to homes and businesses.
- New Solar Parks Construction: As Michigan’s largest producer of renewable energy, DTE has begun construction on three new solar parks in response to increased customer demand for clean energy. Funded by the voluntary MIGreenPower program, these parks—located in mid-Michigan and northern Michigan—are critical steps toward achieving the company’s net-zero carbon emissions goal and Michigan’s target of 60% clean energy by 2035.
- Support for Vulnerable Communities: DTE’s Energy Efficiency Assistance (EEA) team has installed nearly 1,000 free air conditioning units for income-qualified residents in metro Detroit, part of a broader initiative to assist vulnerable populations. This program includes additional services like weatherization, new appliances, and insulation to ensure homes meet health and safety standards.
- Publication of the 2023 CleanVision Sustainability Report: DTE released its 2023 CleanVision Sustainability Report, outlining its progress in sustainability initiatives, net-zero objectives, customer care—especially for vulnerable groups—and workforce development.
- Recognition as a Great Place to Work: DTE received accolades for its employee wellness programs, with over 85% of employees participating in initiatives that reduce lifestyle-related health conditions and workplace injuries. The company was also recognized as one of the Best Companies for Disability Inclusion by Disability:In, earning a perfect score of 100 on the Disability Equality Index for fostering an inclusive workplace.
- Veteran Support Initiatives: DTE’s employee resource group for veterans received the 2024 Michigan Veteran Affairs Agency Employer Innovator Award for its proactive recruitment and onboarding strategies and for collaborating with various organizations to enhance veterans’ lives.
DTE Energy continues to focus on enhancing its energy infrastructure and supporting sustainable practices while ensuring the well-being of its customers and employees.
