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DTE Energy 1Q Results

DTE Energy

DTE Energy reported its first quarter results. It had earnings of $395 million, or $2.03 per diluted share, compared with $397 million, or $2.05 per diluted share in 2021. Additionally operating earnings for the first quarter 2022 were $448 million, or $2.31 per diluted share, compared with 2021 operating earnings of $389 million, or $2.00 per diluted share.

“We are off to a strong start in 2022,” said Jerry Norcia, DTE Energy president and CEO. “In addition to a good start on the financial front, I am proud of our ongoing commitment to environmental sustainability, our focus on employee engagement and safety, and the strong progress in serving our customers and our communities.”

Notable accomplishments:

First, DTE Energy received a recognition by Gallup for the 10th consecutive year as a great workplace. It has exceptionally high employee engagement in the top decile of Gallup’s worldwide database of companies.

Second, it achieved nearly 500 businesses and more than 50,000 residential MIGreenPower subscribers. This program is one of United States’ largest voluntary renewable energy program. Moreover, the press release state that it will be adding thousands of megawatts from new solar projects in order to meet customer demands.

Third, DTE partnered with Lyft. This partnership will improve electric vehicles, EV, accessibility in Detroit. Moreover, it will incentivize drivers in DTE’s service to purchase or lease an EV for use on the Lyft network.

Fourth, the company awarded $3.48 million in grants. The DTE Foundation funded eight organizations. Moreover, in April 2022 the company granted additional funding to seven organizations.

Fifth, the most vulnerable customers are receiving energy assistance at record levels to sustain their service. This year, DTE customers are projected to receive $145 million.

Sixth, advancements in greener technologies will enable the company to accelerate the goal of a 35% reduction in gas customer carbon emissions to 2040. Their goal was previously scheduled for 2050.

You may also like: Lincoln Electric 1Q 2022 results

DTE Energy

DTE Energy is a diversified energy company. It has an involvement in the development and management of energy-related businesses and services nationwide. The company is based in Detroit.

In addition, the DTE portfolio includes non-utility businesses focused on industrial energy services, renewable natural gas, and energy marketing and trading. Moreover, the company is an environmental leader; DTE utility operations will reduce carbon dioxide and methane emissions by more than 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable.

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