Company Overview of DTE Electric Company
DTE Electric Company, an electric utility, engages in the generation, purchase, distribution, and sale of electricity in southeastern Michigan. The company generates electricity from various fossil-fuel plants, a hydroelectric pumped storage plant, a nuclear plant, and wind and other renewable plants, as well as purchases electricity from generators, suppliers, and wholesalers. It owns and operates 675 distribution substations with a capacity of approximately 32,867,000 kilovolt-amperes (kVA) and approximately 432,900 line transformers with a capacity of approximately 23,359,000 kVA. It serves approximately 2.1 million customers, including residential, commercial, and industrial customers. T...
One Energy Plaza
Detroit, MI 48226
Founded in 1903
Key Executives for DTE Electric Company
Chairman and Chief Executive Officer
Chief Financial Officer and Senior Vice President
Senior Vice President of Major Enterprise Projects
Senior Vice President of Electical Operations
Chief Nuclear Officer and Senior Vice President
Compensation as of Fiscal Year 2015.
DTE Electric Company Key Developments
Michigan Public Service Commission Issues Order on the Application of DTE Electric Company
Nov 5 15
In the matter of the application of DTE Electric Company for approval of the reconciliation of its 2014 energy optimization plan expenses filed pursuant to Public Act 295 of 2008. At the November 5, 2015 meeting of the Michigan Public Service Commission in Lansing, Michigan ordered approving settlement agreement. On May 14, 2015, DTE Electric Company (DTE Electric) filed an application, with supporting testimony and exhibits, for authority to reconcile its 2014 energy optimization (EO) plan revenues and expenses. A prehearing conference was held on July 9, 2015, before Administrative Law Judge Dennis W. Mack. DTE Electric and the Commission Staff (Staff) participated in the proceedings. Subsequently, the parties submitted a settlement agreement resolving all issues in the case. According to the terms of the settlement agreement, attached as Exhibit A, the parties agree that DTE Electric's EO plan implemented during 2014 complied with the requirements of 2008 PA 295, and the Commission's orders, by achieving a utility system resource cost test score of 5.73 and by attaining 682 gigawatt-hours of verified net energy savings. In addition, the parties agree that DTE Electric's performance resulted in earning the incentive approved by the Commission in its December 20, 2012 order in Case No. U-17049. The parties agree that DTE Electric may recover the 2014 performance incentive of $12.7 million, and the $0.2 million underrecovery of the 2012 performance incentive for a total of $12.9 million which will be recovered over a 12-month period beginning January 1, 2016. According to the settlement agreement, the 2014 planned EO program expense was $85 million and the actual EO program expense was $84.8 million. Further, the parties agreed that, based on the operation of the surcharge during 2014, DTE Electric calculated a net overrecovery of $14.4 million for 2014 to be carried forward into 2015 on a customer class basis and used as beginning balances for the 2015 reconciliation.
DTE Electric Company Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
Oct 23 15
DTE Electric Company reported unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported earnings of $214 million against $135 million a year ago. Operating earnings was $214 million against $135 million a year ago. Diluted earnings per share were $1.19 against $0.76 per share a year ago. Operating earnings per share were $1.19 against $0.76 per share a year ago.
For the nine months, the company reported earnings of $449 million against $400 million a year ago. Operating earnings was $461 million against $400 million a year ago. Diluted earnings per share were $2.51 against $2.26 per share a year ago. Operating earnings per share were $2.58 against $2.26 per share a year ago.
DTE Electric Company Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for 2015
Jul 24 15
DTE Electric Company reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported earnings of $99 million or $0.55 per diluted share compared to $129 million or $0.73 per diluted share a year ago. Operating earnings were $111 million or $0.62 per diluted share compared to $129 million or $0.73 per diluted share a year ago.
For six months, the company reported earnings of $235 million or $1.31 per diluted share compared to $265 million or $1.50 per diluted share a year ago. Operating earnings were $247 million or $1.38 per diluted share compared to $265 million or $1.50 per diluted share a year ago. Capital expenditure was $905 million compared to $832 million a year ago.
The company reaffirmed earnings guidance for the full year of 2015. For the year, the company expects operating earnings of $554 million to $570 million.
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