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DTE Energy's (DTE) EV Program Offers New Advisory Services

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DTE Energy Company (DTE - Free Report) recently revealed that its Charging Forward program, launched in 2019, is now offering advisory services to Michigan-based businesses for transitioning to electric fleets (eFleets).

These new services will enhance the eFleet adoption for DTE Energy’s commercial, industrial and business customers, thereby strengthening its position in the rapidly growing electric vehicle (EV) market.

Details of the Program

DTE Energy’s Charging Forward is a five-year EV charging program worth $13.4 million, which received the Michigan Public Service Commission’s authorization to offer charger rebates, in 2021. The program promotes transition to eFleets and helps integrate charger load efficiently with the DTE Electric distribution system.

It will also offer a variety of services that include a customized roadmap for customers to electrify their fleets.

Ever since the program began, 921 Level 2 ports and 88 Direct Current Fast Chargers (DCFCs) have been approved.

Growing EV Market Prospects & Utilities

With the U.S. economy steadily transitioning toward a clean energy environment, increasing electrification in the transportation sector is in vogue for reducing emissions of CO2 and air pollutants. This has offered a favorable opportunity to utilities, which have lately adopted clean energy as their new choice of resources.

Per the Edison Electric Institute, 18.7 million EVs will run on the U.S. roads by 2030, indicating 7% growth from the 2018 levels, and to realize this objective, 9.6 million charge ports will be required. Naturally, utility companies like DTE Energy, which are capable of constructing safe and reliable charging ports, are leading this transition.

To increase its footprint in this expanding EV space, in September 2020, DTE Energy and Consumers Energy, a subsidiary of CMS Energy (CMS - Free Report) , announced that they are joining a first-of-its-kind pledge to make interstate travel easier for the EV owners by 2022.

Together with other six energy companies including Ameren (AEE - Free Report) and OGE Energy (OGE - Free Report) , DTE Energy and Consumers Energy will construct a vast network of fast charging stations across the Midwest from Michigan to Kansas, under this pledge.

Price Performance

In the past year, shares of DTE Energy have lost 5.6% compared with the industry’s 1.3% decline.

Zacks Investment ResearchImage Source: Zacks Investment Research

Zacks Rank

DTE Energy carries a Zacks Rank #4 (Sell) at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.