Detroit-based DTE Energy, a diversified energy company serving 2.2 million electric utility customers throughout southeastern Michigan reported 2016 earnings of $868 million, compared to $727 million in 2015. The company attributes the increase in earnings to the notably hot summer weather the region experienced during this timeframe.
DTE’s operating earnings were $948 million, compared to 2015 operating earnings of $863 million, excluding recurring items, certain mark-to-market adjustments, and discontinued operations.
“2016 was a great year for DTE. We had solid financial performance and made significant progress on many other fronts,” says Gerry Anderson, DTE Energy chairman and CEO.
Legislation was passed that secures Michigan’s energy future, we had the safest year in our more than 150-year history, and we added a major new acquisition to our Gas Storage & Pipelines business. These events are significant for our company, our customers, and our state’s future.”
The company was also recognized as a Gallup Great Workplace for the fourth consecutive year, ranking in the top 7 percent of the survey. DTE was the only energy company to achieve this recognition. Customers also experienced a 70 percent reduction in outage duration over the past two years, following the company’s multi-year modernization plan to provide more reliable energy for consumers, while keeping service affordable.
DTE also worked in accordance with legislation signed by Michigan Governor Rick Snyder to product at least 15 percent of energy from renewable resources, up from 10 percent in previous legislation. The company has established a long-term planning process and reliability provisions to replace more coal plants with cleaner sources of energy for all Michigan residents.
Additionally, DTE has exceeded its commitment to the Pure Michigan Business Connect local supplier initiative, having spent more than $1.3 billion with Michigan-based companies in 2016. The company’s six-year effort has led to increased spending with Michigan suppliers from $475 million in 2010 to $1.3 billion in 2016, creating and supporting an additional 13,000 jobs statewide.
DTE also completed a $1.3 billion acquisition for Gas Storage & Pipelines business, purchasing 100 percent of Appalachia Gathering System, located in Pennsylvania and West Virginia, and 55 percent of Stonewall Gas Gathering, also in West Virginia.
“Our transition to cleaner sources of energy is in full swing. Our infrastructure investments have significantly improved reliability,” adds Anderson. “We’re leveraging programs to invest in the communities where we live and serve, and are focused on providing top-tier customer service. These are a few of the many ways we’ve continued our journey to become the best operated energy company in North America.”