Company: DTK
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000936340-25-000065
Chunk: 114

Company: DTE ENERGY CO
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 114
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 of $9 million.  The 2023 increase was primarily due to $7 million higher equity investment earnings in the Renewables business and $4 million higher interest income associated with a new project in the Steel business.

Income Taxes — Expense decreased $4 million in 2024 and increased $11 million in 2023.  The decrease in 2024 was primarily due to a $6 million impact from lower pre-tax income, partially offset by a $2 million higher deferred tax expense related to the reduction in tax basis on property that generated ITCs.  The increase in 2023 was primarily due to a $6 million impact from higher pre-tax income.  The increase was also due to $5 million higher deferred tax expense related to the reduction in tax basis on property that generated ITCs.

Income Taxes — Tax Credits increased $11 million in 2024 and $51 million in 2023.  The increase in 2024 was primarily due to a new project in the On-site business of $60 million, partially offset by 2023 tax credits of $48 million from new projects in the prior year that did not repeat.  The increase in 2023 was primarily due to ITCs of $39 million related to new projects in the Renewables business and $9 million for a new project in the On-site business.

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Outlook — In December 2024, DTE Vantage entered into a series of agreements with a large industrial customer to design, construct, own, and operate certain energy infrastructure assets at the customer's planned battery manufacturing plant in Michigan.  The project is expected to begin construction in 2025 and achieve commercial operations in 2026 for a term of 20 years.

DTE Vantage will continue to leverage its extensive energy-related operating experience and project management capability to develop additional renewable natural gas projects and other projects that provide customer specific energy solutions.  DTE Vantage is also developing decarbonization opportunities relating to carbon capture and sequestration projects.

ENERGY TRADING SEGMENT

Energy Trading focuses on physical and financial power, natural gas and environmental marketing and trading, structured transactions, enhancement of returns from its asset portfolio, and optimization of contracted natural gas pipeline transportation and storage positions.  Energy Trading also provides natural gas, power, environmental, and related services, which may include the management of associated storage and transportation contracts on the customers' behalf and the supply or purchase of environmental attributes to various customers.  Energy Trading results and outlook are discussed below: