Type | Public |
---|---|
NYSE: DTE S&P 500 Component | |
Industry | Electric & Gas Utilities |
Headquarters | , United States |
Key people | Gerardo Norcia (Chairman and CEO) [1] Joi Harris (President & COO) JoAnn Chavez (CLO) David Rudd (CFO) |
Revenue | US$19.288Bn (2022) |
US$1.748BN (2022) | |
US$1.083Bn (2022) | |
Total assets | US$42.683Bn (2022) |
Number of employees | 10,250 (2022) |
Subsidiaries | DTE Electric Company DTE Gas DTE Vantage DTE Energy Trading |
Website | www |
DTE Energy (formerly Detroit Edison until 1996) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.
DTE is a national and international corporation.
The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, energy marketing and trading.
As of 2022, 54.16% of DTE's electricity was generated from coal, 18.16% from nuclear, 14.22% from natural gas and 13.11% from renewable energy including wind, solar and hydroelectric.
DTE's earliest direct corporate ancestor, the Edison Illuminating Company of Detroit, was founded in 1886. By the turn of the century, it split responsibility for commercial electric power in the fast-growing city of Detroit with the Peninsular Electric Light Company; the latter company controlled the city's electric distribution network.
In 1903, the two companies merged as the Detroit Edison Company, which began trading on January 17. That same year, construction began on the Delray 1 Power Plant, and Henry Ford, who had left Edison Illuminating four years earlier, founded Ford Motor Company.
DTE's gas operations trace their roots to 1849, when the City of Detroit Gas Company began operation with Philadelphia engineer Lemuel Davis as its first president. The company installed Detroit's first gas lamps two years later, by which time it had changed its name to Detroit Gas Light Company. In 1903, the Detroit Gas Co. was renamed the Detroit City Gas Co. It secured franchises for Highland Park and Hamtramck and increased its customer base to more than 67,000.
In 1904, Detroit Edison signed its first power contract with an automobile company — the Cadillac Motor Car Co.
In 1905, a majority of the Detroit City Gas Co. was acquired by the American Light & Traction Co., a holding company that controlled utility and transportation interests stretching from Grand Rapids to Milwaukee.
With the added demand for electricity, the Delray 2 Power Plant was added in 1908.
In 1913, Detroit City Gas acquired additional service territory that included the communities of River Rouge, Wyandotte, Dearborn, Ecorse and Trenton.
Between 1924 and 1929, Detroit Edison increased its production capacity by building the Marysville, Trenton Channel and Delray 3 power plants.
In 1937, Detroit City Gas Company merged with Grand Rapids Gas Light Company, Washtenaw Gas Company and Ann Arbor Gas Company to form Michigan Consolidated Gas Company (MichCon). The merger, approved in 1938 by state and federal regulators, created one gas provider for most of the southern half of the Lower Peninsula.
To meet the increasing demand for natural gas, the Michigan-Wisconsin Pipeline was completed in 1945.
In 1949, Michigan Consolidated Gas, the Milwaukee Gas Co., the Michigan-Wisconsin Gas Co., the Austin Field Pipeline Co. and the Milwaukee Solvay Co. became the American Natural Gas Co.
Detroit Edison added the St. Clair Power Plant in 1954 — one of the largest power plants in the world at the time.
In 1956, Detroit Edison broke ground for the Enrico Fermi Power Plant and also began work on the River Rouge Power Plant.
This era marked another construction phase that included the start of the Fermi 2 nuclear plant in 1970 and Monroe Power Plant Units 1-4, which came online from 1971-74.
Construction also began in 1972 on the Greenwood Energy Center — the company's first inland plant designed for both oil - and nuclear-fueled generating units.
The Ludington Pumped Storage Plant, co-owned by Detroit Edison and Consumers Power Company, also went into service in 1973.
Detroit Edison was the subject of a long-running legal dispute about discrimination against black employees, led by the Association for the Betterment of Black Edison Employees. Edison agreed to pay $4.25 million in damages.
MichCon became a wholly owned subsidiary of Primark Corp in 1981. In 1988, Primark spun-off MichCon, and the MCN Corp. was established as the parent company of MichCon.
In 1983, Detroit Edison sought to sell its engineering expertise through the creation of Utility Technical Services, later called SYNDECO — Detroit Edison's first subsidiary business.
Supporting the new marketing push and increasing customer demand were Belle River Units 1 and 2, which went online in 1984 and 1985.
In 1986, the Detroit Edison Foundation was formed to manage the company's charitable giving programs and volunteer efforts that had grown over the years.
The Fermi 2 unit was licensed and went online in 1988. The company also founded what is now DTE Biomass Energy to begin collecting methane gas from landfills for use in energy production.
In January 1996, Detroit Edison reorganized as a holding company — DTE Energy. “DTE” was selected because it was the existing stock ticker symbol for Detroit Edison.
On May 31, 2001 DTE Energy and MCN Energy Group completed a merger which created Michigan's largest energy company and a premier regional energy provider. MichCon became an operating company of DTE Energy.
In 2007, DTE Energy began acquiring wind development rights on more than 100,000 acres of land in the Thumb area. The first DTE Energy-owned and constructed wind parks were commissioned (connected to the grid and generating power) in December 2012. Two of these wind parks are located in Huron County and one in Sanilac County.
In 2013, DTE Energy adopted "DTE" as its customer-facing brand. Accordingly, Detroit Edison Company changed its name to DTE Electric Company, while Michigan Consolidated Gas changed its name to DTE Gas.
On October 27, 2020, DTE announced its plan to spin-off DTE Midstream into an independent, publicly-traded business called DT Midstream. On July 1, 2021, DT Midstream successfully spun off.
According to a statement released by the White House on Nov 18, 2021, DTE Energy participated in the American Rescue Plan by committing to help customers during the COVID-19 pandemic, by proactively using resources. [2]
DTE Electric Company is a state-regulated electric utility serving 2.3 million residential and business customers throughout Southeast Michigan and the thumb region.
DTE Electric's power generation portfolio includes renewable energy and Nuclear power, but is primarily generated by fossil fuels. In 2020, 32.62% came from renewable and nuclear generation while 67.13% of electricity generated by DTE came from coal, gas, and oil. [3]
DTE Gas is a state-regulated natural gas provider to 1.3 million residential, commercial and industrial customers throughout Michigan.
The group began by building upon Detroit Edison's (now DTE Electric) existing capabilities and customer relationships to develop non-regulated (non-utility) projects within Michigan. Since then, the business has expanded its geographic reach and broadened its products and services to a nationwide customer base.
DTE Vantage now encompasses 74 projects in 15 states with a focus on three main business lines: Industrial Energy Services, Renewable Energy and Environmental Controls.
DTE Biomass Energy operates as an independent subsidiary of DTE Vantage.
DTE Energy Trading is an active physical and financial gas, power and environmental marketing company operating in Detroit, Michigan.
Southern Company is an American gas and electric utility holding company based in the southern United States. It is headquartered in Atlanta, Georgia, with executive offices also located in Birmingham, Alabama. The company is the second largest utility company in the U.S. in terms of customer base, as of 2021. Through its subsidiaries it serves 9 million gas and electric utility customers in 6 states. Southern Company's regulated regional electric utilities serve a 120,000-square-mile (310,000 km2) territory with 27,000 miles (43,000 km) of distribution lines.
The Ludington Pumped Storage Plant is a hydroelectric plant and reservoir in Ludington, Michigan. It was built between 1969 and 1973 at a cost of $315 million and is owned jointly by Consumers Energy and DTE Energy and operated by Consumers Energy. At the time of its construction, it was the largest pumped storage hydroelectric facility in the world.
Consolidated Edison, Inc., commonly known as Con Edison or ConEd, is one of the largest investor-owned energy companies in the United States, with approximately $12 billion in annual revenues as of 2017, and over $62 billion in assets. The company provides a wide range of energy-related products and services to its customers through its subsidiaries:
The Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company headquartered in Newark, New Jersey, US established in 1985 with a legacy dating back to 1903.
Southern California Edison, the largest subsidiary of Edison International, is the primary electricity utility for much of Southern California. It provides 15 million people with electricity across a service territory of approximately 50,000 square miles. However, the Los Angeles Department of Water and Power, San Diego Gas & Electric (SDG&E), Imperial Irrigation District, and some smaller municipal utilities serve substantial portions of the southern California territory. The northern part of the state is generally served by the Pacific Gas & Electric Company of San Francisco. Other investor-owned utilities (IOUs) in California include SDG&E, PacifiCorp, Bear Valley Electric, and Liberty Utilities.
Xcel Energy Inc. is a U.S. regulated electric utility and natural gas delivery company based in Minneapolis, Minnesota, serving more than 3.7 million electric customers and 2.1 million natural gas customers across parts of eight states. It consists of four operating subsidiaries: Northern States Power-Minnesota, Northern States Power-Wisconsin, Public Service Company of Colorado, and Southwestern Public Service Co.
The Enrico Fermi Nuclear Generating Station is a nuclear power plant on the shore of Lake Erie near Monroe, in Frenchtown Charter Township, Michigan on approximately 1,000 acres (400 ha). All units of the plant are operated by the DTE Energy Electric Company and owned by parent company DTE Energy. It is approximately halfway between Detroit, Michigan, and Toledo, Ohio. It is also visible from parts of Amherstburg and Colchester, Ontario as well as on the shore of Lake Erie in Ottawa County, Ohio. Two units have been constructed on this site. The first unit's construction started on August 4, 1956 and reached initial criticality on August 23, 1963, and the second unit received its construction permit on September 26, 1972. It reached criticality on June 21, 1985 and was declared commercial on November 18, 1988. The plant is connected to two single-circuit 345 kV Transmission Lines and three 120 kV lines. They are operated and maintained by ITC Transmission.
CMS Energy, based in Jackson, Michigan, is an energy company that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.
Exelon Corporation is a public utility headquartered in Chicago, Illinois, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 99th on the Fortune 500.
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.
FirstEnergy Corp is an electric utility headquartered in Akron, Ohio. It was established when Ohio Edison merged with Centerior Energy in 1997. Its subsidiaries and affiliates are involved in the distribution, transmission, and generation of electricity, as well as energy management and other energy-related services. Its ten electric utility operating companies comprise one of the United States' largest investor-owned utilities, based on serving 6 million customers within a 65,000-square-mile (170,000 km2) area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey, and New York. Its generation subsidiaries control more than 16,000 megawatts of capacity, and its distribution lines span over 194,000 miles. In 2018, FirstEnergy ranked 219 on the Fortune 500 list of the largest public corporations in the United States by revenue.
DTE Electric Company was founded in 1886.
Consumers Energy is an investor owned utility that provides natural gas and electricity to 6.7 million of Michigan's 10 million residents. It serves customers in all 68 of the state's Lower Peninsula counties. It is the primary subsidiary of CMS Energy. The company was founded in 1886 and is currently headquartered in Jackson, Michigan.
WEC Energy Group is an American company based in Milwaukee, Wisconsin that provides electricity and natural gas to 4.4 million customers across four states.
American Light and Traction was founded in 1900 for the purpose for consolidating the utility industry's small, local power suppliers. By 1901, American Light and Traction owned and controlled over 40 gas producing plants, electric light and traction (streetcar) properties.
E. J. Stoneman Generating Station was an electrical power station located in Cassville in Grant County, Wisconsin. It was originally a coal fired facility for several decades and a biomass facility for 5 years.
The Saint Clair Power Plant was a major coal- and oil-fired power plant owned by DTE Electric, a subsidiary of DTE Energy. It was located in St. Clair County, Michigan, on the west bank of St. Clair River. The plant was across M-29 from the newer Belle River Power Plant in East China, Michigan. The first four units of St. Clair were built in 1953–1954. Since then, three more generating units have been added to the plant. The St. Clair Power Plant generates 1982 megawatts in total. It is Detroit Edison's second largest power producer. The power plant has a large impact on the local economy, employing about 300 workers. The plant is scheduled to be closed in May 2022.
Belle River Power Plant is a major coal- and natural gas-fired power plant owned by Detroit Edison, a subsidiary of DTE Energy. It is located in St. Clair County, Michigan, on the peninsula formed by the St. Clair and Belle rivers. The plant was built across M-29 from the St. Clair Power Plant in East China, Michigan, and shares the coal delivery terminal with it. The Belle River plant also shares cooling water from the St. Clair River with its sister plant. Five oil-fueled internal combustion generators were built in 1981, with a total output 13.75 megawatts. Coal-fired unit 1 of the Belle River plant was completed in 1984, followed by a similar unit 2 in 1985. Each unit has a nameplate capacity of 697.5 MWe, however the coal-fired plant as a whole generates 1260 MWe all year around. In 1999, three peaker natural-gas fired turbines were added, with a total name-plate capacity of 256 MWe.
Solar power in Michigan has been growing in recent years due to new technological improvements, falling solar prices and a variety of regulatory actions and financial incentives. The largest solar farm in Michigan is Assembly Solar, completed in 2022, which has 347 MW of capacity. Small-scale solar provided 50% of Michigan solar electricity as recently as 2020 but multiple solar farms in the 100 MW to 200 MW range are proposed to be completed by the middle of the decade. Although among the lowest U.S. states for solar irradiance, Michigan mostly lies farther south than Germany where solar power is heavily deployed. Michigan is expected to use 120 TWh per year in 2030. To reach a 100% solar electrical grid would require 2.4% of Michigan's land area to host 108 GW of installed capacity.