DTE Energy

DTE Energy Co.
Public (NYSE: DTE)
S&P 500 Component
Industry Electric and Gas Utilities
Headquarters Detroit, Michigan, U.S.
Key people
 Gerard M. Anderson (Chairman, Chief Executive Officer and President)
Revenue
  • Increase US$ 9,661.0 million (2013) [1]
  • Decrease US$ 8,791.0 million (2012) [1]
  • Decrease US$ 1,203.0 million (2013) [1]
  • Decrease US$ 1,279.0 million (2012) [1]
  • Increase US$ 661.0 million (2013) [1]
  • Decrease US$ 610.0 million (2012) [1]
Total assets
  • Decrease US$ 25,935.0 million (2013) [2]
  • Increase US$ 26,339.0 million (2012) [1]
Total equity
  • Increase US$ 7,954.0 million (2013) [2]
  • Increase US$ 7,411.0 million (2012) [1]
Number of employees
 10,262[3]
Website www.dteenergy.com
DTE Energy Headquarters in Detroit, Michigan

DTE Energy Co. is a Detroit, Michigan-based utility incorporated in 1995 involved in the development and management of energy-related businesses and services nationwide.

DTE Energy's largest operating subsidiaries are DTE Energy Electric Company (formerly Detroit Edison), an investor-owned electric utility serving 2.1 million customers in Southeastern Michigan; and DTE Gas Company (formerly Michigan Consolidated Gas Company (MichCon)), a natural gas utility serving 1.2 million customers in Michigan. The two companies merged in 2001.[4]

The name "DTE" is taken from the stock symbol for the former Detroit Edison, DTE.[5]

Renewable Energy and Alternative Propulsion

Biomass

In May 2008, DTE Biomass Energy agreed to buy the 50-MW E. J. Stoneman Generating Station in Cassville, Wisconsin, with plans to convert it to burn wood waste in 2009. Stoneman Generating Station was closed in November 2015.[6]

PHEV and V2G

Main articles: Plug-in hybrid and V2G

The Michigan Public Service Commission (MPSC), has awarded a partnership of the University of Michigan, GM, and DTE Energy Company $5 million to study plug-in hybrid electric vehicles as a Michigan economic development catalyst, the near-term vehicle-utility interface, the mid/long-term vehicle utility interface, and the environmental and electric utility system impacts of PHEVs. The grants are part of the Low-Income and Energy Efficiency Fund, which provides energy bill assistance for low-income customers and promotes the efficient use of energy by all customer classes.[7]

Compensation

In May 2007, Forbes listed the then DTE Energy CEO Anthony F. Earley Jr. as receiving $4.84 million in total compensation for the latest fiscal year, with a four-year total compensation of $18.31 million. He ranked 19th on the list of CEOs in the Utilities industry, and 290th among all CEOs in the United States.

Power portfolio

Out of its total 13,041 MW of electric generating capacity in 2005 (1.22% of the U.S. total), DTE Energy produces 61.3% from coal, 16.4% from natural gas, 11.7% from oil, 9.3% from nuclear, and 0.2% from biomass. DTE Energy owns power plants in Alabama, California, Illinois, and Michigan; 95.5% of the company's generating capacity comes from power plants in Michigan.

Congressional campaign contributions

DTE Energy contributed a total of $317,499 to the 110th US Congress (as of the third quarter), the largest of which has been to Senator Carl Levin (D-MI) for $21,500.

Existing coal-fired power plants

DTE Electric's Monroe Power Plant.
DTE Electric's St. Clair Power Plant.

As of 2005 DTE Energy has 22 coal-fired generating stations with 7,998 MW of capacity. Here is a list of DTE Energy's coal power plants with capacity over 100 MW:

Plant Name County Year(s) Built Capacity
Monroe Monroe 1971–1974 3300 MW
St. Clair St. Clair 1953–1954, 1961–1969 1928 MW
Belle River St. Clair 1984–1985 1664 MW
Trenton Channel Wayne 1949–1950, 1968 776 MW
River Rouge Wayne 1957–1958 651 MW
Marysville St Clair 1943–1947 150 MW
Harbor Beach Huron 1968 121 MW

In 2006, DTE Energy's 7 major coal-fired power plants emitted 43.3 million tons of CO2 (0.7% of all U.S. CO2 emissions) and 214,000 tons of SO
2 (1.4% of all U.S. SO
2 emissions).

Credit reporting program

In August 2006, DTE Energy began reporting payment information to the major credit bureaus on all of its 2.5 million customers without offering the ability to opt out, making it one of the few utilities in the US to do so. Previously, only seriously delinquent accounts were reported.

Groups, such as the NAACP, protested this change, on the basis that such a policy would benefit those who have no problems paying their bills, but would hurt those who are the most vulnerable economically and most likely to miss a payment, such as the poor, elderly, and disabled. This, in effect, would hurt their credit rating, and further hamper their ability to advance in society.

In January 2007, DTE Energy changed the policy to state that only payments 60 days or more overdue would be reported to the credit bureaus.

Home Protection Plus (HPP)

Through its Michcon department, DTE Energy offers customers seven different appliance protection plans covering parts (with some exclusions) and labour on major household appliances such as furnaces, boilers, water heaters, central air conditioner systems, laundry and kitchen equipment in exchange for a monthly fee. The Whole Home Protection Plan, added in 2013, also covers plumbing inside the home as well. These are advertised on a separate website. DTE Energy also uses outsourced call centres who solicit these plans by telephone directly to its customers, offering a negative option billing approach, whereby customers are offered the plans with a fifteen day review period before the plans come into effect, as well as an incentive to enroll on the phone. The plans are also advertised through separate mailings and inserts with bills. The HPP service is not regulated by the Michigan Public Service Commission.

Criticism

In December 2011, the non-partisan organization Public Campaign criticized DTE Energy for spending $4.37 million on lobbying and not paying any taxes during 2008-2010, instead getting $17 million in tax rebates, despite making a profit of $2.5 billion.[8]

See also

References

  1. 1 2 3 4 5 6 7 8 "DTE ENERGY CO 2013 Q4 Quarterly Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 14, 2014.
  2. 1 2 "DTE ENERGY CO 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 25, 2014.
  3. ↑ "Company Profile for DTE Energy Co (DTE)". Retrieved 2008-10-17.
  4. ↑ "Decision and Order" (PDF). Federal Trade Commission. 22 March 2001. Retrieved 2015-03-20.
  5. ↑ "Company History". DTE Energy. Retrieved 2015-03-20.
  6. ↑ publisher=DTE "DTE Energy Services Signs Purchase Agreement for Stoneman Power Plant" Check |url= value (help) (Press release). 29 May 2008. Retrieved 2015-03-20.
  7. ↑ Green Car Congress: Michigan Awards $5M Grant for PHEVs
  8. ↑ Portero, Ashley. "30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008-2010". International Business Times. Archived from the original on 26 December 2011. Retrieved 26 December 2011.

External links

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