Company: DTK
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000936340-25-000097
Chunk: 171

Company: DTE ENERGY CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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 not make any representations as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself.

EXECUTIVE OVERVIEW

DTE Energy is a diversified energy company and is the parent company of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in the business of providing electricity and natural gas sales, distribution, and storage services throughout Michigan.  DTE Energy also operates two energy-related non-utility segments with operations throughout the United States.

The following table summarizes DTE Energy's financial results:

Three Months Ended March 31,20252024(In millions, except per share amounts)Net Income Attributable to DTE Energy Company$445 $313 Diluted Earnings per Common Share$2.14 $1.51 

The increase in Net Income Attributable to DTE Energy Company for the three months ended March 31, 2025 was primarily due to higher earnings in the Energy Trading, Gas, and DTE Vantage segments and Corporate and Other, partially offset by lower earnings in the Electric segment.

STRATEGY

DTE Energy's strategy is to achieve long-term earnings per share growth with a strong balance sheet and attractive dividend.

DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation.  Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption and potential for data centers, will drive a continued need for substantial grid investment over the long-term.

DTE Energy plans to reduce the carbon emissions of its electric utility operations by 65% in 2028, 85% in 2032, and 90% by 2040 from 2005 carbon emissions levels.  DTE Energy plans to end its use of coal-fired power plants in 2032 and is committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations.

Additionally, as a result of legislation passed by the state of Michigan in 2023, DTE Energy will be required to meet a 100% clean energy portfolio standard by 2040.  Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with a carbon capture and storage system that is at least 90% effective in reducing carbon emissions to the atmosphere.  The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035.