Detroit-based DTE Energy reported earnings of $727 million in 2015, compared with $905 million in 2014, a nearly 20 percent decrease DTE says is due to its businesses outside of utilities.
DTE’s non-utility operations include gas storage and pipelines, power and industrial projects, and energy trading. The company says earnings for its utility businesses were up slightly in 2015 when compared year over year.
“DTE performed well in 2015, exceeding its financial goals, largely due to diligent and focused attention on controlling costs,” says Peter Oleksiak, senior vice president and CFO of DTE Energy. "While 2015 brought seasonably cool weather throughout the summer months and warm weather late in the year, our cost control efforts and reduced customer outages offset their financial impacts. We continue to see growth in development projects in our non-utility businesses, contributing to favorable financial results.”
Oleksiak says operating earnings were $863 million in 2015 compared with $816 million the previous year. Operating earnings exclude non-recurring items, certain mark-to-market adjustments, and discontinued operations.
“DTE made great strides in 2015, both operationally and financially,” says Gerry Anderson, chairman and CEO of DTE. “The year brought significant improvements in customer satisfaction and electric reliability. In 2015, DTE Electric completed more than 100 reliability improvement projects across our southeast Michigan electric service area, contributing to the best overall reliability performance in eight years.”
Anderson says DTE plans to invest $6 billion in its electrical distribution system over the next 10 years.