Apr 28, 2022

DTE Energy reports strong first quarter 2022 results

by DTE Energy

• Recognized as a Gallup Great Workplace for 10th consecutive year
• Achieved nearly 500 business and more than 50,000 residential MIGreenPower subscribers
• Improved EV access in Detroit through Lyft partnership
• Advanced Scope 3 gas emissions reduction goal by a full decade
• DTE Foundation granted nearly $3.5 million to nonprofit organizations supporting equity, social justice and environmental projects

DETROIT, April 28, 2022 – DTE Energy (NYSE:DTE) today reported first quarter 2022 earnings of $394 million, or $2.03 per diluted share, compared with $397 million, or $2.05 per diluted share in 2021.

Operating earnings for the first quarter 2022 were $448 million, or $2.31 per diluted share, compared with 2021 operating earnings of $389 million, or $2.00 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release. 
  
“We are off to a strong start in 2022,” said Jerry Norcia, DTE Energy president and CEO. “In addition to a good start on the financial front, I am proud of our ongoing commitment to environmental sustainability, our focus on employee engagement and safety, and the strong progress in serving our customers and our communities.”

Norcia noted the following accomplishments:

• Recognized as a Gallup Great Workplace for 10th consecutive year: DTE was recognized by Gallup for the 10th year in a row as a workplace with exceptionally high employee engagement – in the top decile of Gallup’s worldwide database of companies.
• Achieved nearly 500 business and more than 50,000 residential MIGreenPower subscribers: The program is one of the country’s largest voluntary renewable energy programs and will be adding thousands of megawatts from new solar projects to meet customer demand.
• Improved electric vehicle (EV) accessibility in Detroit: This program will incentivize drivers in DTE’s electric service territory to purchase or lease an EV for use on the Lyft network. Administered through DTE’s Charging Forward program, this partnership provides equitable access to EVs for everyone, while bringing more clean transportation to Southeast Michiga.
• Advanced Scope 3 gas emissions reduction goal by a full decade: Previously scheduled for 2050, advancements in greener technologies like green hydrogen, carbon capture and sequestration, renewable natural gas and engagement in customer voluntary offset programs will enable the company to accelerate the goal of a 35% reduction in gas customer carbon emissions to 2040.
• Awarded $3.48 million in grants: The DTE Foundation funded eight Michigan-based organizations to support program development and create partnerships that support social justice and racial equity efforts.  Through the Nature Conservancy, the Foundation also will fund several significant environmental programs throughout Michigan that will preserve, protect and enhance the state’s treasured natural habitats and species. This month the Foundation granted additional funding to seven organizations supporting programs that enhance natural resources in Michigan.
• Customers are receiving energy assistance at record levels: This assistance helps our most vulnerable customers sustain their service. Last year, more than 112,000 customers received over $119 million in energy assistance.  This year, DTE customers are projected to receive $145 million.

Outlook for 2022

DTE Energy reaffirms 2022 operating EPS guidance of $5.80 - $6.00. 

“We delivered strong first quarter financial results,” said David Ruud, DTE senior vice president and CFO. “We feel confident that we will achieve our financial targets in 2022 while making significant strides in our infrastructure investment plan.”

This earnings announcement and presentation slides are available at dteenergy.com/investors. 

The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (888) 510-2008 or international: (646) 960-0306. The passcode is 4987588. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Saturday, May 28, 2022. To access the replay, dial U.S. and Canada toll free (800) 770-2030 or international toll (647) 362- 9199 and enter the passcode 4987588. 

About DTE Energy

DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio also includes non-utility businesses focused on industrial energy services, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric and Gas aspire to achieve net zero carbon and greenhouse gas emissions by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy. 

For more information, members of the media may contact:

Pete Ternes: 313.235.5555

For further information, analysts may call:

Barbara Tuckfield, DTE Energy, 313.235.1018

John Dermody, DTE Energy, 313.235.8750