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DTE Energy (DTE) Set to Provide Brose With Clean Energy

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DTE Energy (DTE - Free Report) has recently announced that Brose, the world’s fourth largest family-owned automotive supplier, has enrolled in the former’s MIGreenPower voluntary renewable energy program. Per the terms, Brose will purchase clean energy of 11,445 megawatt hours annually, which will be instrumental in eliminating 81,110 metric tons of carbon dioxide emissions over a period of 10 years.

The projects from where Brose will receive clean energy are currently under development, with their commercial operations set to begin in early 2023.

DTE Energy’s MIGreenPower Program

DTE Energy’s MIGreenPower program is among the top three voluntary renewable energy programs in the United States. Notably, MIGreenPower offers simple and affordable renewable energy programs to eligible electric customers, thereby supporting the company’s wind and solar projects. As of April 2021, MIGreenPower’s 28,000 residential and 300 business customers have supported more than 100 million kilowatt hours of clean energy generation, avoiding 78,000 tons of CO2.

DTE Energy’s Carbon Emission Plans

DTE Energy, in September 2019, announced its plans of achieving zero carbon emission by 2050 for DTE Electric. In June 2020, it took a major step toward building a cleaner-energy future for Michigan by expanding its net zero carbon emission goal to include DTE Gas as well. The inclusion will help the company cut down annual greenhouse gas emissions by more than 6 million metric tons by 2050.

Utilities’ Adoption of Renewable Energy

To mitigate the deadly effects of climate change, in the United States, utilities are increasingly adopting renewable energy sources to produce electricity. Per the latest forecast made by the U.S. Energy Information Administration (EIA), electricity generation from renewable energy sources is expected to rise from 20% in 2020 to 22% in 2021 and 22% in 2022, primarily driven by projected additions to wind- and solar-energy-generating capacity, along with the pledge for rapid reduction of carbon emission from their generating fleet.

Notably, like DTE Energy, there are other utilities too that have pledged for a net zero carbon emission target in their path of progress toward a carbon-free environment. For instance, Xcel Energy (XEL - Free Report) aims to achieve 80% carbon reduction by 2030 and 100% carbon-free electricity by 2050. Likewise, by 2050, American Electric Power (AEP - Free Report) aims at reducing carbon dioxide emissions by 80%. Ameren Corporation (AEE - Free Report) also plans to retire more than 75% of its current coal-fired energy-generating capacity by 2040, while closing all by 2042.

Price Performance & Zacks Rank

DTE Energy, a Zacks Rank #3 (Hold) company, has gained 19.8% in the past year compared with the industry’s 3.2% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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