July 27, 2023

DTE Energy reports second quarter earnings

by DTE Energy

• Received approval of landmark CleanVision Integrated Resource Plan (IRP) settlement agreement with Michigan stakeholders, ending DTE’s use of coal in 2032
• Continued progress with MIGreenPower program
• Invested heavily in infrastructure to improve reliability and generate more clean energy
• Named one of the top 50 most community-minded companies in the U.S. by Points of Light
• Partnered with Michigan Department of State to remove workforce barriers for Michiganders
• Planted over 4,300 trees during spring planting season with the Detroit Tree Equity Partnership, growing the benefits of a tree canopy in communities that need it most

DETROIT, July 27, 2023 – DTE Energy (NYSE:DTE) today reported second quarter earnings of $201 million or $0.97 per diluted share, compared with $37 million, or $0.19 per diluted share in 2022.

Operating earnings for the second quarter 2023 were $206 million, or $0.99 per diluted share, compared with 2022 operating earnings of $171 million, or $0.88 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.

DTE Energy recently reached a historic clean energy settlement agreement with stakeholders to transform energy generation and dramatically reduce carbon emissions.

“Our CleanVision Integrated Resource Plan outlines our investment in Michigan's future and we are grateful to the 21 organizations from across Michigan for their diligent work on this settlement agreement," said Jerry Norcia, DTE Energy chairman and CEO. "From ending the use of coal in 2032, to reducing future costs of our clean energy transformation by $2.5 billion, this plan is a roadmap to cleaner, more reliable and affordable energy for our customers."

Norcia noted the following accomplishments:

• Landmark CleanVision IRP will end DTE’s use of coal in 2032 while developing enough Michigan-generated renewables to power approximately four million homes: This plan accelerates DTE’s decarbonization goals, further accelerating the full retirement of the Monroe Power Plant from 2035 to 2032. DTE Electric plans to achieve 85% CO2 emission reductions in nine years with a goal of net zero carbon emissions by 2050.
• Continued progress with MIGreenPower program: Dakkota Integrated Systems enrolled in MIGreenPower, DTE’s voluntary renewable energy program. The enrollment will attribute 100% of the electricity use at Dakkota’s Detroit location to DTE’s wind and solar parks, which has the environmental benefit equivalent to the carbon captured by more than 1,500 acres of forests annually.
• Invested heavily in utility infrastructure: DTE Electric invested $1.5 billion in the first half of the year on continued improvements in reliability and cleaner energy generation for its customers while DTE Gas invested nearly $350 million on infrastructure and main renewal improvements.
• Received Civic 50 award: For six years in a row, the hard work and dedication of DTE’s team members have resulted in Points of Light naming DTE one of the top 50 most community-minded companies in the United States with its Civic 50 Award. Projects like the Tree Trim Academy, License Restoration Clinics and Community Network were pivotal in earning this recognition.
• Facilitated driver’s license restorations: DTE has joined with the Michigan Department of State and other organizations to help Michiganders with driving license issues at in-person license restoration clinics across the state. The “Road to Restoration” has helped 7,500 Michiganders, trained 100 volunteer attorneys and enlisted 15 Michigan nonprofits to help. DTE volunteers help staff these clinics and our legal department helps guide people through the process.

• Improved Detroit urban tree numbers bringing the benefits of a tree canopy to more in the city: The Detroit Tree Equity Partnership (DTEP) planted over 4,300 trees during the spring planting season – over 1,200 more trees than the initial goal. DTEP also added new trainees to its crew while focusing on planting along commercial corridors, parks, vegetative buffers and blighted areas. Growing Detroit’s tree canopy in these targeted areas means lower street-level temperatures, reduced flooding risk and fewer respiratory ailments in these communities.

 

Outlook for 2023

DTE Energy reaffirms 2023 operating EPS guidance of $6.09 - $6.40.

“Our 2023 plan is on track as we continue to deliver for our team members, communities, customers and shareholders,” David Ruud, DTE executive vice president and CFO, said. 

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

The company will conduct a conference call to discuss earnings results at 9:30 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 Sunday, Aug 27, 2023. 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 includes energy businesses focused on custom energy solutions, renewable energy generation and energy marketing and trading. Through our commitment to cleaner energy, DTE Electric plans to reduce CO2 emissions by 90% and DTE Gas will plan to reduce methane emissions 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric and Gas aspire to achieve net zero carbon 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