Oct 27, 2022

DTE Energy reports strong third quarter 2022 results

by DTE Energy

• Announced addition of 650 megawatts of new solar energy in Michigan
• Partnered to attract new business to service territory, bringing 2,000 jobs
• Launched tree equity partnership in Detroit
• Ranked a best employer by Forbes

DETROIT, October 27, 2022 – Following a quarter marked by environmental stewardship, collaboration with regional business partners and investments in our communities, DTE Energy (NYSE:DTE) today reported third quarter earnings of $387 million or $1.99 per diluted share.

Operating earnings for the third quarter 2022 were $311 million, or $1.60 per diluted share, compared with 2021 operating earnings of $334 million, or $1.72 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 continue to lead the way toward a cleaner future for all,” Jerry Norcia, DTE Energy chairman, president and CEO, said. “With growing participation in our MIGreenPower program - from small and large industry-leading businesses and residential customers – along with ongoing infrastructure improvements and new business announcements, we are supporting our communities’ and customers’ needs.”

Norcia noted the following accomplishments:

• Partnering with Ford on largest renewable energy purchase from a utility in U.S. history: Through DTE’s MIGreenPower program, Ford made a major step toward carbon neutrality in August. DTE is slated to add 650 megawatts of new solar energy to accommodate Ford’s carbon-free electricity needs, increasing solar in Michigan by 70%. Through this clean energy purchase, 600,000 tons of carbon dioxide emissions will be avoided annually.
• Attracting new business with Our Next Energy Inc. (ONE): With pioneering technology, U.S. based ONE announced new battery operations will be located in Van Buren Township, Michigan bringing 2,000 jobs to the area. Attracted in part by DTE’s large industrial electric rate, ONE will bring high-capacity battery storage systems that will connect to the electric grid. As an EV battery supplier, ONE will continue to drive Michigan’s leadership in zero-emission vehicles.
• Launching the Detroit Tree Equity Partnership (DTEP): DTE joined the City of Detroit, American Forests, the Erb Foundation and the White House in the Detroit Tree Equity Partnership. The DTEP is an ambitious program that aims to equitably build Detroit’s tree canopy through the targeted planting of tens of thousands of trees over the next five years, cooling urban heat zones while providing beauty and improved air quality. The program will also hire and train hundreds to plant and maintain the trees.
• Ranked among America’s Best Employers: DTE Energy is one of the top 10 Michigan-based companies included in Forbes' 2022 America’s Best Employer rankings. DTE also ranks in Forbes’ top 200 nationally for Best Employers for Women.

Outlook for 2022

DTE Energy reaffirms 2022 operating EPS guidance of $5.90 - $6.10.

“We continued to deliver strong financial results through the third quarter,” David Ruud, DTE senior vice president and CFO, said. “The company is well positioned to meet our financial goals in 2022 while delivering for our team members, community and customers.”

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

The company will conduct a conference call to discuss earnings results at 8:30a.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, November 26, 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