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DTE Energy (DTE) MIGreenPower Program Enrolls Detroit Diesel

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DTE Energy Company (DTE - Free Report) recently announced that diesel engine manufacturer, Detroit Diesel has enrolled in its MIGreenPower voluntary renewable energy program. Through this agreement, Detroit Diesel will ultimately attribute 100,000 megawatt hours (MWh) of renewable energy annually, up to 2028.

This transaction reflects a step forward for Detroit Diesel toward achieving its parent company, Daimler Trucks North America’s (DTNA) plan to offer exclusively carbon neutral trucks and buses by 2039.

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. With the latest transaction involving Detroit Diesel, MIGreenPower’s 32,000 residential and 350 business customers are supporting more than 100 million kilowatt hours of clean energy generation and 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, the company took a major step toward building a clean-energy future for Michigan by expanding its net zero carbon emission goal to include DTE Gas. 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, 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 also that have pledged for a net zero carbon emission target in their path of progress toward a carbon-free environment. For instance, Duke Energy (DUK - Free Report) aims to reach its target of net-zero carbon emissions from electric generation 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 25.8% in the past year compared with the industry’s 8.1% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Zacks Investment ResearchImage Source: Zacks Investment Research

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