DTE Energy (DTE - Free Report) recently announced that it will partner with Comerica Park to power the ballpark stadium through MIGreenPower program for a home game between the Detroit Tigers and the Seattle Mariners on Aug 14.
This initiative will offset 30.6 metric tons of carbon emissions. In March, the company set goals to lower carbon emission by 80% by 2040 from 2005 levels through the expansion of its renewable energy portfolio.
MIGreenPower Program Initiatives
MIGreenPower is a simple and affordable program that offers greater percentage of clean energy to customers and encourages them to meet their energy needs through the company’s wind and solar projects. As it is impossible for everyone to invest in their own solar or wind projects, this program supports customers in lowering electricity-based carbon footprint.
There are three projects under MIGreenPower. Pinnebog Wind Park has 30 wind turbines and the capacity to power 24,000 homes with clean energy. O'Shea Solar Park has 7,400 solar panels and can power 450 homes. Lapeer Solar Park has 200,000 solar panels and can supply energy to 11,000 homes.
DTE Energy’s Focus on Green Source
In March 2018, DTE Energy’s electric utility segment-DTE Electric filed its 2018 Renewable Energy Plan with the MPSC proposing approximately 1,000 additional megawatts of energy from new wind and solar projects to be completed by 2022. Such initiatives are likely to boost the company’s position in the rapidly transforming energy market, wherein clean energy producing utilities will gain more.
Over the next 15 years, DTE Electric plans to withdraw a portion of its coal-fired generation. The company has already retired four coal-fired generation units. Moreover, it plans to retire seven units through 2023 and the six facilities by 2040.
High Adoption of Renewable Energy
Usage of renewable energy sources to produce electricity is constantly increasing in the United States. Wind and Solar resources are gradually becoming the preferred renewables for electricity generation on the back of innovative technologies and incentives given by the government. Moreover, growing awareness toward the environment has impacted coal demand negatively.
Per a recent forecast by the U.S. Energy Information Administration (EIA), wind, solar and other nonhydropower renewables will contribute 10% in 2019 and 12% in 2020 to total utility-scale generation in the United States.
As the adoption of emission-less energy production has increased in the past few years, utility players are shifting focus to alternative energy sources. Companies like NextEra Energy, Inc (NEE - Free Report) , Xcel Energy (XEL - Free Report) and WEC Energy Group, Inc (WEC - Free Report) are also focusing on wind energy.
Zacks Rank & Price Performance
DTE Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DTE Energy’s shares have moved up 15.3% in the past 12 months compared with the industry’s rise of 10.7%.
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