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DTE Energy (DTE) to Add 1000 MW Renewable in Michigan by 2023

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DTE Energy (DTE - Free Report) receives an approval from the Michigan Public Service Commission (MPSC) to add renewable energy to its generation portfolio for providing clean energy to customers.

The utility will work together with local organizations in Detroit to increase community solar projects and provide qualifying low-income residents with total renewable energy and credits, which will reduce their monthly bill. Precisely, the regulatory nod will allow the company to add a total of 1,000 megawatts (MW) of new wind and solar by the end of 2023

The company also got sanctions for making certain changes in its MIGreenPower program, which aim to lower its carbon footprint without installing its own generation systems. These changes are expected to get implemented during the first quarter of 2022 and trim the program’s cost along with simplifying its enrollment process and adding a fixed-price subscription option.

Other Sustainable Efforts

DTE Energy is making efforts to steadily enhance its renewable generation assets. Moreover, as part of its renewable energy plan filed on Aug 31, 2020, the utility got permission to expand its solar capacity by more than 420 MWs. Over the next 15 years, the company’s unit DTE Electric plans to reduce a portion of its coal-fired generation and increase the natural gas-fired generation and renewables mix. It remains committed to trim carbon emissions of its electric operations by 32% within 2023, 50% by 2030, 80% by 2040 and 100% by 2050 from its 2005 baseline.

In June 2020, DTE Energy took another major step in building a cleaner energy future for Michigan. It expanded its net zero carbon-emission goal to include DTE Gas as well. DTE Gas will look to slash its greenhouse gas emissions to net zero by 2050. By 2023, DTE Energy’s wind and solar energy portfolio will generate more than 2,700-megawatt clean energy, sufficient to power 900,000 homes.

Some other players from the same industry are also making efforts to supply clean energy to their customers and enrich the reliability of their services. Companies like Duke Energy (DUK - Free Report) , Pinnacle West Capital (PNW - Free Report) and Xcel Energy (XEL - Free Report) have plans in place to provide absolute clean energy by 2050.

Zacks Rank & Price Performance

The stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the past year, shares of the company have gained 32.4%, outperforming the industry’s rise of 7.1%.

One Year Price Performance

Zacks Investment ResearchImage Source: Zacks Investment Research

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