DTE Energy spent $809 million with Michigan-based suppliers in 2013, exceeding its goal to spend $625 million in the state, company officials said Thursday.
As a participant in the Pure Michigan Business Connect Initiative, administered through an alliance with Michigan Economic Development Corp., DTE has pledged to shift an incremental $1 billion in spending from businesses located outside of Michigan to Michigan-based suppliers by 2015. The company’s original goal was $750 million.
“We want Michigan to thrive,” says Gerry Anderson, chairman and CEO of Detroit-based DTE Energy. “One way we can do our part is to strengthen the economic base by supporting Michigan businesses and creating sustainable jobs. We are rallying other companies to follow our lead. We’ve already received commitments from more than a dozen businesses.”
Roncelli Construction is among the companies benefitting from DTE’s plans. In 2013, the Sterling Heights-based firm replaced the windows in one of the utility’s main buildings and was recently awarded a multi-year facilities renovation endeavor at DTE headquarters.
Anderson says DTE’s spending with Detroit-based companies rose to $140 million last year, compared with $122 million in 2012 and $98 million in 2011.
In addition to DTE’s focus on using Michigan suppliers, Anderson says the company is working more with minority- and women-owned businesses. In 2013, DTE spent $302 million with certified diversity suppliers including Ideal Group in southwest Detroit, which assists the utility with capital improvements and selling off excess inventory.
In related news, DTE reported today 2013 earnings of $661 million, or $3.76 per diluted share, compared with $610 million, or $3.55 per diluted share in 2012.
“A year ago when I announced our 2012 earnings, I said that our aspiration was to become the best operated energy company in North America, and a force for growth and prosperity in the communities we serve,” Anderson says. “We made progress toward that goal this past year and remain committed to finding additional ways to provide clean, reliable, and affordable energy for our customers while providing shareholders with an attractive dividend and 5 percent to 6 percent annual earnings per share growth.”
