- Invested more than
$3.8 billion in electric and gas infrastructure to improve reliability and generate more clean energy - Historic investments in utility infrastructure exceed strong cash generated by our businesses, as supported by regulatory construct
- Reduced customers' bills by
$300 million in fuel and transportation cost savings - Secured nearly
$160 million in energy assistance for our most vulnerable customers - Championed job creation with
Michigan businesses - Earned recognition for MIGreenPower as top utility green tariff program in the
U.S. - Placed Michigan’s largest wind park in operation
- Received approval of historic Integrated Resource Plan
The company also reported 2023 earnings of
“2023 was a landmark year for DTE,” said
Norcia noted the following accomplishments:
- Continuing to execute on plan to reduce frequency and duration of electric power interruptions: During 2023,
DTE Electric focused on improving the reliability of over 400 of its most challenging circuits, including trimming more than 5,200 miles of trees, installing more than 200 automated reclosers to improve safety and restoration efficiency, and maintaining its extensive network of electric infrastructure, including replacing pole top equipment and over 3,500 utility poles. Comparing circuit performance where work was done in the first half of 2023, customers experienced 33% fewer outages from June through December, compared with the same period in 2022. - Improved safety and reliability of gas infrastructure: Replaced more than 200 miles of cast iron pipes with more durable materials to ensure continued delivery of safe and reliable energy to 1.3 million natural gas customers across
Michigan . Also moved more than 22,000 natural gas meters to the outside of homes and businesses, protecting customers and first responders if service must be shut off quickly in a critical event. - Reduced customers' bills by
$300 million in fuel and transportation cost savings: Reduced the Power Supply Cost Recovery (PSCR) mechanism, which represents the actual cost of the fuel and other sources the company uses to produce electricity, by approximately$300 million . This adjustment reduced residential customers’ average electric bill by approximately$5 per month starting inDecember 2023 . - Supported vulnerable customers: Partnered with human service agencies to connect vulnerable customers to nearly
$160 million in energy assistance. - Championed job creation with
Michigan businesses: Invested$2.7 billion with more than 2,000Michigan businesses last year, creating and sustaining more than 12,000 jobs across the state. DTE has invested more than$21 billion withMichigan -based vendors since 2010, creating and sustaining 77,000Michigan jobs. - Earned recognition for MIGreenPower as top utility green tariff program in the U.S.: DTE’s MIGreenPower program, which enables
DTE Electric customers to attribute some or all of their electricity use to renewable energy, was recognized as the top utility green tariff program in theU.S . MIGreenPower continues to meet high demand for clean energy solutions and enrolled many notable organizations in 2023 such asToyota Motor North America ,Dakkota Integrated Systems and theCity of Southfield . The program also reached 97,000 residential customer enrollments and expects to exceed 100,000 in the first quarter of 2024. - Placed
Michigan's largest wind park in operation: Meridian Wind, a 225-megawatt park located in Midland andSaginaw counties, generates enough clean energy to power more than 78,000 homes. - Received approval of historic Integrated Resource Plan: 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 2032 with a goal of net zero carbon emissions by 2050. - Earned recognition for energy efficiency program excellence: Named ENERGY STAR Partner of the Year for the second consecutive year by the
Environmental Protection Agency (EPA) and theDepartment of Energy , the highest level of recognition. DTE also was ranked a top five energy company in the nation for energy efficiency savings by theCouncil for an Energy-Efficient Economy . DTE customers saved$418 million on energy bills by participating in DTE’s energy efficiency programs in 2022. - Earned numerous honors as a great place to work including:
- Gallup Exceptional Workplace Award for 11th consecutive year, placing DTE in the top 6% of companies globally.
- 2023
C. Everett Koop National Health Award for programs to improve employee health and wellness. - Diversity Inc.’s top utility in diversity, equity and inclusion in 2023 and 2022.
- Time Magazine’s 2023 “Best Companies for Future Leaders.”
Outlook for 2024
“I am proud of our team’s effort to overcome the majority of the unprecedented headwinds faced in 2023 while remaining focused on providing reliable, affordable service for our customers. DTE is well-positioned for future growth and to continue to deliver for our customers, communities, employees and shareholders,” 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
About
Use of Operating Earnings Information -
For more information, members of the media may contact:
For further information, analysts may call:
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
$ | 225 | $ | 25 | A | $ | (6 | ) | $ | 244 | $ | 206 | $ | 8 | A | $ | (3 | ) | $ | 211 | ||||||||||||||||
104 | — | — | 104 | 93 | — | — | 93 | ||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
DTE Vantage | 44 | — | — | 44 | 24 | 1 | D | — | 25 | ||||||||||||||||||||||||||
Energy Trading | 102 | (49 | ) | B | 11 | 64 | (12 | ) | (9 | ) | B | 2 | (18 | ) | |||||||||||||||||||||
2 | D | (1 | ) | ||||||||||||||||||||||||||||||||
Non-utility operations | 146 | (49 | ) | 11 | 108 | 12 | (6 | ) | 1 | 7 | |||||||||||||||||||||||||
Corporate and Other | (56 | ) | — | 6 | C | (50 | ) | (46 | ) | (10 | ) | D | 3 | (45 | ) | ||||||||||||||||||||
11 | E | (3 | ) | ||||||||||||||||||||||||||||||||
Net Income Attributable to | $ | 419 | $ | (24 | ) | $ | 11 | $ | 406 | $ | 265 | $ | 3 | $ | (2 | ) | $ | 266 | |||||||||||||||||
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||
Adjustments key | |||||||||||||||||||||||||||||||||||
A) MPSC disallowance of certain capital project costs previously recorded — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
B) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||||||||||||||
C) Adjustment to Income Tax Expense due to a tax law change in | |||||||||||||||||||||||||||||||||||
D) (Gain) loss on sale of assets — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
E) One-time benefit expenses — recorded in Other (Income) and Deductions — Non-operating retirement benefits, net |
Segment Diluted Earnings Per Share (Unaudited)(2) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||
$ | 1.09 | $ | 0.12 | A | $ | (0.03 | ) | $ | 1.18 | $ | 1.01 | $ | 0.04 | A | $ | (0.02 | ) | $ | 1.03 | ||||||||||||||||
0.51 | — | — | 0.51 | 0.47 | — | — | 0.47 | ||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
DTE Vantage | 0.21 | — | — | 0.21 | 0.12 | 0.01 | D | — | 0.13 | ||||||||||||||||||||||||||
Energy Trading | 0.49 | (0.22 | ) | B | 0.05 | 0.32 | (0.05 | ) | (0.05 | ) | B | 0.01 | (0.09 | ) | |||||||||||||||||||||
0.01 | D | (0.01 | ) | ||||||||||||||||||||||||||||||||
Non-utility operations | 0.70 | (0.22 | ) | 0.05 | 0.53 | 0.07 | (0.03 | ) | — | 0.04 | |||||||||||||||||||||||||
Corporate and Other | (0.28 | ) | — | 0.03 | C | (0.25 | ) | (0.24 | ) | (0.05 | ) | D | 0.02 | (0.23 | ) | ||||||||||||||||||||
0.06 | E | (0.02 | ) | ||||||||||||||||||||||||||||||||
Net Income Attributable to | $ | 2.02 | $ | (0.10 | ) | $ | 0.05 | $ | 1.97 | $ | 1.31 | $ | 0.02 | $ | (0.02 | ) | $ | 1.31 | |||||||||||||||||
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page | |||||||||||||||||||||||||||||||||||
Segment Net Income (Unaudited) | |||||||||||||||||||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
$ | 772 | $ | 25 | A | $ | (6 | ) | $ | 791 | $ | 956 | $ | 8 | A | $ | (3 | ) | $ | 961 | ||||||||||||||||
294 | — | — | 294 | 272 | — | — | 272 | ||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
DTE Vantage | 153 | — | — | 153 | 92 | 1 | E | — | 93 | ||||||||||||||||||||||||||
Energy Trading | 336 | (308 | ) | B | 77 | 105 | (92 | ) | 140 | B | (35 | ) | 14 | ||||||||||||||||||||||
2 | E | (1 | ) | ||||||||||||||||||||||||||||||||
Non-utility operations | 489 | (308 | ) | 77 | 258 | — | 143 | (36 | ) | 107 | |||||||||||||||||||||||||
Corporate and Other | (158 | ) | — | (7 | ) | C | (159 | ) | (145 | ) | (10 | ) | E | 3 | (144 | ) | |||||||||||||||||||
6 | D | 11 | F | (3 | ) | ||||||||||||||||||||||||||||||
Net Income Attributable to | $ | 1,397 | $ | (283 | ) | $ | 70 | $ | 1,184 | $ | 1,083 | $ | 152 | $ | (39 | ) | $ | 1,196 | |||||||||||||||||
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||
Adjustments key | |||||||||||||||||||||||||||||||||||
A) MPSC disallowance of certain capital project costs previously recorded — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
B) Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||||||||||||||
C) Adjustment to Income Tax Expense due to a tax law change in | |||||||||||||||||||||||||||||||||||
D) Adjustment to Income Tax Expense due to a tax law change in | |||||||||||||||||||||||||||||||||||
E) (Gain) loss on sale of assets — recorded in Operating Expenses — Asset (gains) losses and impairments, net | |||||||||||||||||||||||||||||||||||
F) One-time benefit expenses — recorded in Other (Income) and Deductions — Non-operating retirement benefits, net |
Segment Diluted Earnings Per Share (Unaudited)(2) | |||||||||||||||||||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | Reported Earnings | Pre-tax Adjustments | Income Taxes(1) | Operating Earnings | ||||||||||||||||||||||||||||
$ | 3.74 | $ | 0.12 | A | $ | (0.03 | ) | $ | 3.83 | $ | 4.88 | $ | 0.04 | A | $ | (0.02 | ) | $ | 4.90 | ||||||||||||||||
1.43 | — | — | 1.43 | 1.39 | — | — | 1.39 | ||||||||||||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||||||||||||||
DTE Vantage | 0.74 | — | — | 0.74 | 0.47 | 0.01 | E | — | 0.48 | ||||||||||||||||||||||||||
Energy Trading | 1.63 | (1.49 | ) | B | 0.37 | 0.51 | (0.47 | ) | 0.72 | B | (0.18 | ) | 0.07 | ||||||||||||||||||||||
0.01 | E | (0.01 | ) | ||||||||||||||||||||||||||||||||
Non-utility operations | 2.37 | (1.49 | ) | 0.37 | 1.25 | — | 0.74 | (0.19 | ) | 0.55 | |||||||||||||||||||||||||
Corporate and Other | (0.78 | ) | — | (0.03 | ) | C | (0.78 | ) | (0.75 | ) | (0.05 | ) | E | 0.02 | (0.74 | ) | |||||||||||||||||||
0.03 | D | 0.06 | F | (0.02 | ) | ||||||||||||||||||||||||||||||
Net Income Attributable to | $ | 6.76 | $ | (1.37 | ) | $ | 0.34 | $ | 5.73 | $ | 5.52 | $ | 0.79 | $ | (0.21 | ) | $ | 6.10 | |||||||||||||||||
(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments. | |||||||||||||||||||||||||||||||||||
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||
Adjustments key — see previous page |
Source:
2024 GlobeNewswire, Inc., source