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DTE Energy

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DTE Energy Co.
Company typePublic (NYSE: DTE)
S&P 500 Component
IndustryElectric and Gas Utilities
Headquarters
Detroit, Michigan
,
U.S.
Key people
Gerard M. Anderson (Chairman, Chief Executive Officer and President)
Revenue
  • Increase US$ 12,301.00 million (2014) [1] Increase US$ 9,661.0 million (2013) [2]
  • Decrease US$ 8,791.0 million (2012) [2]
  • Increase US$1,590 million (2014)[3]
  • Decrease US$ 1,203.0 million (2013) [2]
  • Decrease US$ 1,279.0 million (2012) [2]
  • Increase US$911 million (2014)[3]
  • Increase US$ 661.0 million (2013) [2]
  • Decrease US$ 610.0 million (2012) [2]
Total assets
  • Decrease US$ 25,935.0 million (2013) [4]
  • Increase US$ 26,339.0 million (2012) [2]
Total equity
  • Increase US$ 7,954.0 million (2013) [4]
  • Increase US$ 7,411.0 million (2012) [2]
Number of employees
10,262[5]
Websitewww.dteenergy.com
DTE Energy Headquarters in Detroit, Michigan

DTE Energy Co. is a Detroit, Michigan-based utility incorporated in 1995 involved in the development and management of energy-related businesses and services nationwide.

DTE Energy's largest operating subsidiaries are DTE Energy Electric Company (formerly Detroit Edison), an investor-owned electric utility serving 2.1 million customers in Southeastern Michigan; and DTE Gas Company (formerly Michigan Consolidated Gas Company (MichCon)), a natural gas utility serving 1.2 million customers in Michigan. The two companies merged in 2001.[6]

The name "DTE" is taken from the stock symbol for the former Detroit Edison, DTE.[7]

Renewable Energy

Since 2009, DTE Energy has invested over $1 billion in renewable energy according to their 2015 - 2016 Corporate Citizenship Report.[8]

Solar

In May 2016, the company broke ground on a solar array project in Lapeer, MI touted as the largest utility-owned solar array east of the Mississippi River. The County Press [9] reports that when the project is completed, it will generate enough electricity to power 9,000 homes. DTE Energy also broke ground on a 10 acre solar installation in Detroit on the site of the abandoned O'Shae Park.[10]

Compensation

In May 2007, Forbes listed the then DTE Energy CEO Anthony F. Earley Jr. as receiving $4.84 million in total compensation for the latest fiscal year, with a four-year total compensation of $18.31 million. He ranked 19th on the list of CEOs in the Utilities industry, and 290th among all CEOs in the United States.[citation needed]

Power portfolio

Out of its total 13,041 MW of electric generating capacity in 2005 (1.22% of the U.S. total), DTE Energy produces 61.3% from coal, 16.4% from natural gas, 11.7% from oil, 9.3% from nuclear, and 0.2% from biomass. DTE Energy owns power plants in Alabama, California, Illinois, and Michigan; 95.5% of the company's generating capacity comes from power plants in Michigan.

Congressional campaign contributions

DTE Energy contributed a total of $317,499 to the 110th US Congress (as of the third quarter), the largest of which has been to Senator Carl Levin (D-MI) for $21,500.[citation needed]

Existing coal-fired power plants

DTE Electric's Monroe Power Plant.
DTE Electric's St. Clair Power Plant.

As of 2005 DTE Energy has 22 coal-fired generating stations with 7,998 MW of capacity. Here is a list of DTE Energy's coal power plants with capacity over 100 MW:

Plant Name County Year(s) Built Capacity
Monroe Monroe 1971–1974 3300 MW
St. Clair St. Clair 1953–1954, 1961–1969 1928 MW
Belle River St. Clair 1984–1985 1664 MW
Trenton Channel Wayne 1949–1950, 1968 776 MW
River Rouge Wayne 1957–1958 651 MW
Marysville St Clair 1943–1947 150 MW
Harbor Beach Huron 1968 121 MW

In 2006, DTE Energy's 7 major coal-fired power plants emitted 43.3 million tons of CO2 (0.7% of all U.S. CO2 emissions) and 214,000 tons of SO
2 (1.4% of all U.S. SO
2 emissions).

In 2016, DTE Energy retired three coal-fired generating units among its plants. In June 2016, DTE Energy said that it would close eight additional coal-fired generators at three coal plants in Michigan by the year 2023.[11] The plants are located in River Rouge, St. Clair in East China Township and Trenton. In sum, the plants power around 900,000 homes. DTE Energy plans to replace them with renewable energy. The Detroit Free Press wrote that employees at the closing plants will be able to transfer to other facilities and will not lose their jobs.[12]

Many of DTE Energy's coal plants were built in the 1950s and 1960s and "are nearing retirement age."[11]

New construction (solar energy)

As of June 2016, DTE Energy plans to build a solar arrays in Lapeer, Michigan that will be one of the largest in the eastern United States. It will do so as it retires coal-fired generators at coal plants in Michigan. According to DTE Energy, it is the largest investor in renewable energy in Michigan. It has invested over $2 billion since 2008.[11]

Credit reporting program

In August 2006, DTE Energy began reporting payment information to the major credit bureaus on all of its 2.5 million customers without offering the ability to opt out, making it one of the few utilities in the US to do so. Previously, only seriously delinquent accounts were reported.

Groups, such as the NAACP, protested this change, on the basis that such a policy would benefit those who have no problems paying their bills, but would hurt those who are the most vulnerable economically and most likely to miss a payment, such as the poor, elderly, and disabled. This, in effect, would hurt their credit rating, and further hamper their ability to advance in society.

In January 2007, DTE Energy changed the policy to state that only payments 60 days or more overdue would be reported to the credit bureaus.

Home Protection Plus (HPP)

Through its Michcon department, DTE Energy offers customers seven different appliance protection plans covering parts (with some exclusions) and labour on major household appliances such as furnaces, boilers, water heaters, central air conditioner systems, laundry and kitchen equipment in exchange for a monthly fee. The Whole Home Protection Plan, added in 2013, also covers plumbing inside the home as well. These are advertised on a separate website. DTE Energy also uses outsourced call centres who solicit these plans by telephone directly to its customers, offering a negative option billing approach, whereby customers are offered the plans with a fifteen-day review period before the plans come into effect, as well as an incentive to enroll on the phone. The plans are also advertised through separate mailings and inserts with bills. The HPP service is not regulated by the Michigan Public Service Commission.

Criticism

In December 2011, the non-partisan organization Public Campaign criticized DTE Energy for spending $4.37 million on lobbying and not paying any taxes during 2008-2010, instead getting $17 million in tax rebates, despite making a profit of $2.5 billion.[13]

See also

References

  1. ^ https://www.sec.gov/Archives/edgar/data/936340/000093634015000014/dteenergy2014123110k.htm#s288E76D7DC5C3F95055BAB3090F4CE4B
  2. ^ a b c d e f g h "DTE ENERGY CO 2013 Q4 Quarterly Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 14, 2014.
  3. ^ a b Cite error: The named reference DTE ENERGY CO 2014 Fiscal Year End Form 10K https://www.sec.gov/Archives/edgar/data/936340/000093634015000014/dteenergy2014123110k.htm#sB6CE3B35D55A038BC21AAB308753C5F1 was invoked but never defined (see the help page).
  4. ^ a b "DTE ENERGY CO 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 25, 2014.
  5. ^ a b "Company Profile for DTE Energy Co (DTE)". Retrieved 2008-10-17.
  6. ^ "Decision and Order" (PDF). Federal Trade Commission. 22 March 2001. Retrieved 2015-03-20.
  7. ^ "Company History". DTE Energy. Retrieved 2015-03-20.
  8. ^ https://www.newlook.dteenergy.com/wps/wcm/connect/dte-web/dte-pages/ccr/home/environmental-stewardship
  9. ^ http://thecountypress.mihomepaper.com/common/Progress/New_DTE_Energy_solar_projects_give_Lapeer_sunny_ou.html
  10. ^ http://www.dailydetroit.com/2016/09/17/oshea-park-gets-second-life-time-solar-panels/
  11. ^ a b c "DTE Energy closing three coal plants, constructing large solar array - Daily Energy Insider". 2016-06-21. Retrieved 2016-07-20.
  12. ^ Witsil, Frank (2016-06-08). "DTE to shut down three coal plants within 7 years". Detroit Free Press. Retrieved 2016-07-20.
  13. ^ Portero, Ashley. "30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008-2010". International Business Times. Archived from the original on 26 December 2011. Retrieved 26 December 2011.
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