ReportWire

Tag: DTE Energy

  • Nessel challenges fast-tracked DTE data center deal, citing risks to ratepayers and lack of public scrutiny – Detroit Metro Times

    [ad_1]

    Michigan Attorney General Dana Nessel is urging state utility regulators to reconsider their approval of special power contracts for a massive data center planned in Washtenaw County, warning the fast-tracked decision could leave electric customers exposed to higher costs.

    Nessel announced Friday that her office filed a petition for rehearing with the Michigan Public Service Commission over its Dec. 18 decision to conditionally approve two special contracts sought by DTE Energy to serve a proposed 1.4-gigawatt hyperscale artificial intelligence data center in Saline Township.

    The project, tied to Oracle, OpenAI, and developer Related Digital, would be among the largest data centers in the country and is expected to consume as much electricity as nearly one million homes. Its scale has caused concerns among residents, environmental advocates, and consumer watchdogs about long-term impacts on electric rates, grid reliability, and the environment.

    Nessel’s move also pits her against Gov. Gretchen Whitmer, a fellow Democrat who has publicly backed the data center as “the largest economic project in Michigan history.” Whitmer celebrated the project when it was announced last fall, citing thousands of construction jobs and hundreds of permanent positions. 

    On Thursday, U.S. Senate candidate Abdul El-Sayed, a progressive Democrat, released what he called “terms of engagement” aimed at protecting communities from higher utility bills, grid strain, and environmental harm tied to data centers.

    At least 15 data center projects have been proposed across the state in the past year.

    The split among Democrats is part of a broader debate over whether Michigan should keep fast-tracking energy-hungry data center projects tied to the AI boom.

    In her petition, Nessel challenges the commission’s authority to approve the contracts behind closed doors without holding a contested case hearing that would allow discovery, sworn testimony, and full public review. She also questions whether the conditions imposed by the commission are meaningful or enforceable.

    In a statement Friday, the Michigan Public Service Commission said it “looks forward to considering Nessel’s petition for rehearing,” but the commission “unequivocally rejects any claim that these contracts were inadequately reviewed.”

    The commission said its professional staff, advisory staff, and commissioners were provided with unredacted versions of the special contracts and reviewed them thoroughly to ensure existing customers are protected. The commission said its order recognizes DTE’s legal obligation to serve the data center while imposing what it described as the strongest consumer protections for a data center power contract in the country.

    The attorney general is seeking clarification on how those conditions would protect ratepayers, noting that many appear to rely on repeated assurances from DTE, rather than concrete commitments backed by evidence. Nessel also objected to the commission allowing DTE to serve as the project’s financial backstop, rather than requiring the data center operator to provide sufficient collateral to cover potential risks.

    “I remain extremely disappointed with the Commission’s decision to fast-track DTE’s secret data center contracts without holding a contested case hearing,” Nessel said in a statement. “This was an irresponsible approach that cut corners and shut out the public and their advocates. Granting approval of these contracts ex parte serves only the interests of DTE and the billion-dollar businesses involved, like Oracle, OpenAI, and Related Companies, not the Michigan public the Commission is meant to protect. ”

    She said the commission’s approval process served the interests of DTE and the companies behind the project rather than Michigan residents.

    “The Commission imposed some conditions on DTE to supposedly hold ratepayers harmless, but these conditions and how they’ll be enforced remain unclear,” Nessel said. “As Michigan’s chief consumer advocate, it is my responsibility to ensure utility customers in this state are adequately protected, especially on a project so massive, so expensive, and so unprecedented.”

    Large portions of the contracts remain heavily redacted, preventing outside parties from verifying DTE’s claims that serving the data center will not raise rates for existing customers. Nessel said a contested case is necessary to review the full contracts, assess affordability claims, and confirm that protections, such as collateral requirements and exit fees are in place.

    The commission ordered DTE to formally accept its conditions within 30 days of its Dec. 18 order. Nessel said that timeline complicates decisions about whether further legal challenges are necessary, prompting her office to file the rehearing petition in part to preserve its arguments.

    The power contracts are one piece of a larger controversy surrounding the Saline Township project referred to as “Project Stargate.” Residents and environmental groups have raised alarms about wetlands destruction, water contamination risks, and the permanent transformation of a rural farming community.

    More than 5,000 public comments opposing the data center power deal were submitted to the commission ahead of its December vote. Critics argue the rush to approve the contracts is part of a broader pattern as deep-pocketed utilities and developers seek to capitalize on the AI boom, which is driving a nationwide surge in electricity demand from large-scale data centers.

    “As my office continues to review all potential options to defend energy customers in our state, we must demand further clarity on what protections the Commission has put in place and continue to demand a full contested case concerning these still-secret contracts,” Nessel said.


    [ad_2]

    Steve Neavling

    Source link

  • Tenants plan rally over alleged ‘hostile takeover’ of Detroit’s historic Leland House – Detroit Metro Times

    [ad_1]

    Tenants of Detroit’s historic Leland House plan to rally Saturday afternoon, accusing city officials of blocking them from retrieving their belongings after a sudden evacuation earlier this month and raising alarms about what they call a “hostile takeover” of the troubled and storied downtown building.

    The rally is set for 1 p.m. Saturday outside the Leland House after residents were told they could not reenter to collect their possessions following a Dec. 10 power outage that left the 20-story apartment building without heat, lights, or elevators during extreme cold.

    Tenants say they were given little warning and no meaningful opportunity to gather essentials when the Detroit Fire Department ordered the evacuation.

    “They said, ‘Let’s go. You have to leave,’” says Daryl Stewart, a 67-year-old artist and percussionist who has lived in the building since 2012. “We didn’t have enough time to gather our wits.”

    Stewart says he was forced to leave behind artwork, laptops, and his home recording studio. Other residents lost access to clothes, medication, mementos, and other personal items. Some tenants were even separated from their pets.

    “I understand the building is being condemned, but it took them forever to get the animals out,” Stewart says.

    Stewart says multiple city departments arrived a few hours after the building lost electricity and ordered tenants to evacuate immediately. He says residents were initially told they would be allowed to return.

    “They said we could come back,” Stewart says.

    Instead, the building was locked, and notices were posted warning residents they could not reenter.

    “In the back of my mind, this might be it,” Stewart says. “It’s tear-jerking.”

    Attorney Matthew Erard, who lives at the Leland House, says tenants were misled and then shut out of their homes entirely.

    “When ordered to leave our apartments last Wednesday night, we were misled by city officials into believing that the building would remain accessible to residents the next day,” Erard tells Metro Times. “However, after clearing the building of occupants, the fire marshal locked the doors and posted notices barring anyone from reentering the building under threat of arrest.”

    “As a result,” he adds, “we have all been deprived of virtually all our personal belongings, including essentials like clothes and medicine.”

    Erard says confusion and finger-pointing between city departments has left residents with no path forward.

    “From what we’ve been told, the fire marshal has no plans to allow residents to reenter the building to recover their possessions at any time, leaving over 30 households deprived of everything they own,” Erard says. “When calling the fire marshal’s office, we are each time referred to HRD [the Detroit Housing and Revitalization Department]. And when calling HRD, we are referred to the fire marshal. Each claims the other has sole power to address that issue.”

    Erard and other tenants also raise serious allegations involving DTE Energy, which owns a large amount of property surrounding the Leland House, including much of the land bordered by Bagley, Third, Plum, and Grand River. Just before the power went out, Erard says, two residents “personally observed DTE personnel drilling on the area of the street right above the basement electrical equipment.” 

    “Given the reports that the electrical equipment shorted through water leaked from the street, that would seem to strongly suggest that DTE deliberately caused that to occur,” Erard says. 

    Erard points to a map circulated by a non-resident at a public hearing that shows DTE-owned parcels surrounding the Leland House property.

    “I think the image provides a very clear illustration of what’s really behind this entire situation,” he wrote.

    City officials strongly dispute the tenants’ claims, saying the evacuation was necessary to protect lives and that residents are receiving extensive support.

    In a statement, the City of Detroit said the fire department ordered the evacuation after a building-related power outage left residents without heat or light amid “dangerously cold conditions.”

    “Situations like this underscore why the Fire Marshal Division exists,” Fire Marshal Don Thomas said in a statement Friday. “Our role is to identify hazardous conditions and act decisively to protect residents from circumstances that could quickly become life-threatening.”

    City officials say the building remains unsafe to enter and that it is unclear whether residents will ever be allowed to return. The Housing and Revitalization Department says it has placed displaced tenants in hotels, including those with pet-friendly accommodations, and is providing food, transportation, and housing assistance.

    HRD says it is supporting 31 households, with 28 staying in hotels and three staying with friends or family. Eleven households, the city says, have already been approved for permanent housing.

    “Our team has been working relentlessly on behalf of impacted residents,” Chelsea Neblett, Director of Housing Solutions, said. “We have been in contact with households nearly every day, and we were already working with Leland House residents before the power outage occurred. Our focus remains on stability, dignity, and ensuring no one falls through the cracks during this incredibly difficult time.”

    The city also says all pets left in the building have been rescued and reunited with their owners, though residents say the animals weren’t retrieved quickly enough. City officials insist Detroit Animal Care and Control “worked swiftly with local rescue partners to safely retrieve dogs and cats from the building.”

    “All of these animals were clearly loved, and we knew how important it was to get them out safely and back to their families,” Crystal Perkins, director of Detroit Animal Care and Control, said. “Thanks to the quick coordination between our teams and our rescue partners, every dog and cat was rescued, and reunited with their owners. That outcome means everything.”

    DTE Energy paid for hotel accommodations during the first 11 days after the evacuation, according to the city, which has since taken over those costs.

    Tenants say Saturday’s rally is about more than access to belongings. For many, it is about the future of the Leland House itself, a once-grand 1927 hotel that has fallen into disrepair after years of neglect, lawsuits, and mounting debt. 

    The outage came a little more than a week after management notified tenants on Black Friday that they had a few days to move out because DTE Energy planned to cut electricity over unpaid electric bills. But on Dec. 4, the U.S. Bankruptcy Court approved a last-minute arrangement after the Leland House secured a $1.2 million short-term, high-interest loan. Judge Maria Oxholm barred DTE from cutting off power without her approval. Some of the money, she said, must be used to pay the DTE deposit and maintain casualty insurance.

    Metro Times is awaiting a response from DTE Energy.


    [ad_2]

    Steve Neavling

    Source link

  • Leland House tenants forced out after major electrical failure at storied downtown Detroit building – Detroit Metro Times

    [ad_1]

    Tenants at the historic Leland House just can’t catch a break. 

    The electricity that heats the downtown Detroit building malfunctioned early Wednesday afternoon, prompting the city’s fire marshal to order a mandatory evacuation. The outage also knocked out lights and elevators.

    “They put us out,” Daryl Stewart, a 67-year-old artist and percussionist who has lived in the building since 2012, tells Metro Times. “The fire department came and knocked on doors. They said, ‘You gotta get out.’”

    Tenants say melting ice and snow on the sidewalk leaked into the basement, where the building’s electrical system is located, causing a shortage that left the 20-story building in the dark. A representative for the owner, the Leland House Limited Partnership, is now scrambling to find a solution, but that may be difficult because the company filed for bankruptcy in November. 

    City Club, a legendary nightclub inside the building, will also be closed until further notice. 

    Tenants say they received a voucher to stay at a hotel in Southfield. 

    The Leland House is a historic 20-story building in downtown Detroit. Credit: Steve Neavling

    The outage comes a little more than a week after management notified tenants on Black Friday that they had a few days to move out because DTE Energy planned to cut electricity over unpaid electric bills. But on Dec. 4, the U.S. Bankruptcy Court approved a last-minute arrangement after the Leland House secured a $1.2 million short-term, high-interest loan, and Judge Maria Oxholm barred DTE from cutting off power without her approval. Some of the money, she said, must be used to pay the DTE deposit and maintain casualty insurance.

    In a statement Wednesday, DTE Energy said it empathizes with tenants.  

    “We feel for the residents of the Leland House and know how challenging these past few weeks have been,” the Detroit-based company said. “Unfortunately, this outage was caused by customer-owned equipment that cannot be accessed due to existing structural hazards inside the building. We’re prepared to restore service as soon as the building owner can make the necessary repairs and ensure a safe environment. We are working closely with the city to ensure impacted residents are safe and have access to temporary housing.”

    City officials say the fire department “responded immediately to assist and ensure all residents were safely exited” after citing “safety concerns.” 

    “The City of Detroit’s Housing & Revitalization Department (HRD) has been on-site since the incident, working alongside DTE to support displaced residents,” Alison DeRees, a city spokesperson, tells Metro Times. “DTE is covering the cost of temporary housing, and HRD’s Housing Stability Division is currently supporting 32 residents with temporary housing, while others have chosen to stay with friends or family. HRD continues to offer financial assistance to any residents of the Leland House seeking other permanent housing options, and our team will remain in close contact with impacted residents in the days and weeks ahead to ensure they have the resources and support needed during this transition.”

    Metro Times featured the Leland House on the cover of this week’s paper edition. The Leland opened in 1927 as a glamorous Italian Renaissance hotel with more than 700 rooms, an opulent ballroom, and a grand lobby designed by Rapp & Rapp, the Chicago firm behind Detroit’s Michigan Theatre. 

    The building has been in gradual decline for the past few decades. Michael Higgins, who ran Leland House Limited Partnership, died in September 2023 and never followed through on a promised $120 million renovation that was announced in 2018. In the years since, the building has become mired in lawsuits, code violations, unpaid bills, and mounting debt.

    Metro Times is awaiting a response from Luis Ramirez, who represents the Michael Higgins Trust and the Leland House ownership. 


    [ad_2]

    Steve Neavling

    Source link

  • DTE Energy added to federal lawsuit over excessive pollution emissions on Zug Island

    DTE Energy added to federal lawsuit over excessive pollution emissions on Zug Island

    [ad_1]

    DTE Energy is now entangled in a federal lawsuit that alleges its subsidiary, EES Coke Battery on Zug Island, violated the Clean Air Act by substantially increasing its sulfur dioxide emissions and jeopardizing the health of people who live in River Rouge and southwest Detroit.

    U.S. District Judge Gershwin A. Drain granted the Environmental Protection Agency’s (EPA) request to add DTE Energy as a defendant in the lawsuit filed against EES Coke in June 2022.

    Environmentalists applauded the decision, saying the multibillion-dollar energy company must be held accountable for the actions of its subsidiaries. During the discovery phase of the case, depositions with EES Coke and DTE employees have revealed that DTE and two of its subsidiaries were behind the decision that led to increased pollution at the plant, activists say.

    “I am relieved that DTE will not be able to hide their illegal behavior from the court,” Ebony Elmore, a Sierra Club Executive Committee member who lives in River Rouge, said Wednesday. “It’s important for everyone to understand what the court found: The emissions may come from EES Coke, but the orders come from DTE Energy.”

    Over the past decade, the plant has emitted thousands of tons of sulfur dioxide, a dangerous air pollutant that can cause asthma, bronchitis, and emphysema, according to the EPA. Short-term exposure can cause difficulty breathing, stomach pain, headaches, nausea, vomiting, fever, and irritation of the nose, throat, and lungs. Asthma is a chronic lung disease that disproportionately affects Black Detroiters.

    The coal-powered plant manufactures coke, a key ingredient in steel production. During the process, it generates what the EPA refers to as “coke oven gas,” which can be used as fuel. When burned, this gas releases sulfur dioxide. The battery plant can utilize this fuel in other facilities, power its own operations, or burn it off in a flare.

    click to enlarge

    Shutterstock

    Zug Island is the site of pollution-spewing industrial plants in River Rouge, just south of Detroit.

    In 2014, state environmental regulators issued a new permit to the facility, lifting the limit on coke fire gas combustion, a process that emits sulfur dioxide. This decision was based on the company’s assurance that the change “would not result in a significant increase in emissions,” according to the EPA.

    However, the plant did significantly increase its emissions, and the company failed to obtain the necessary permits or implement required pollution controls, the EPA alleges.

    Activists say DTE has been especially problematic for lower-income, predominantly Black communities, where an abundance of pollution-spewing plants tends to be located.

    “In truth this is only one example in DTE’s long and ugly history of profiting at the expense of low-income people of color,” Sierra Club organizer Bryan Smigielski said. “This ruling is an important step in a long road towards environmental justice for southwest Detroit.”

    Zug Island is adjacent to Michigan’s most polluted ZIP code, 48217, located in Detroit. The community is inundated with a toxic stew of chemicals wafting from steel mills, coal-fired power plants, gas flares, billowing smokestacks, towering piles of coal and petroleum coke, a salt mine, wastewater treatment plant, and one of the nation’s largest oil refineries — all looming over schools, neighborhoods, parks, senior centers, and a recreation center.

    A nauseating stench of rotten eggs, burnt plastic, and gasoline permeates the air, and heavy-duty trucks spewing harmful emissions rumble to and from factories all day and night, often carrying toxic chemicals and debris.

    “We hope to move quickly and ensure that EES Coke and DTE end their illegal pollution and fix the damage they have caused,” Nick Leonard, director of the Great Lakes Environmental Law Center, said.

    Earthjustice attorney Mary Rock says DTE can’t hide from what it has done.

    “At DTE’s direction, EES Coke sought the removal of pollution limits that allowed the facility to burn more coke oven gas and emit sulfur dioxide pollution,” Rock said.

    [ad_2]

    Steve Neavling

    Source link

  • Northern Michiganders are getting off propane — and on to natural gas

    Northern Michiganders are getting off propane — and on to natural gas

    [ad_1]

    This coverage is made possible through a partnership with Grist and Interlochen Public Radio in Northern Michigan.

    Like many buildings in this part of rural northern Michigan, the Tsuber Auto garage in the Village of Mesick is heated with propane, delivered by truck once or twice a month to the tank outside.

    On a recent morning, owner Vyacheslav Tsuber was sitting behind the counter of a small, brightly lit lobby with his son — one of eight kids. As Tsuber walked to the cavernous shop in the back, the smell of drip coffee mixed with rubber and grease.

    On average, he said, it costs anywhere from $3,000 to $5,000 a year to heat the shop. But that could soon change. DTE Gas Company, a subsidiary of Michigan’s largest utility, is expanding its natural gas network to the area, giving over 1,000 homes and businesses the choice to switch to natural gas.

    Natural gas is more climate-friendly than the propane and wood used in much of the region, according to DTE. The switch could also slash heating bills.

    “If the cost of natural gas is going to be nearly half of what propane costs, for a lot of people, this is an easy decision,” Tsuber said.

    The choice many see is between propane and natural gas, because that’s how DTE presented the project. What’s left out of that equation, say climate advocates, is a third option: electrification. Instead of locking in fossil fuels for decades to come — and reducing the incentive for people to electrify their homes — why not make it easier to switch to electric heating instead?

    click to enlarge

    Izzy Ross / Grist

    Vyacheslav Tsuber owns Tsuber Auto garage in Mesick, Michigan. He is thinking of heating his garage with natural gas to save money, but also said he has more homework to do to make a good environmental decision.

    Supporters of natural gas see it as a bridge fuel, something consumers can use on their way to a sustainable future.

    But critics say we don’t have that kind of time.

    As Sam Stolper, an assistant professor at the University of Michigan School of Sustainability puts it: “We have really ambitious [climate] goals for good reason. They’re needs, not just goals, and we’re not going to hit them if we keep making decisions to switch to natural gas … instead of going straight to electrification.”

    To him, the solution is clear. “It’s on governments to make it so that households are able to choose that option,” he said.

    Natural gas is a fossil fuel made up mostly of methane, an extremely potent greenhouse gas that is much more efficient at trapping heat in the atmosphere than carbon dioxide.

    There have been major efforts to encourage more home electrification. The federal Inflation Reduction Act is providing tax credits and rebates for technologies like heat pumps.

    Still, getting off natural gas can be lengthy, pricey, and complicated, as Grist’s own reporters have experienced, requiring a deep dive into federal tax incentives and equipment upgrades.

    The way homes are heated in the United States varies by region. In Michigan, natural gas is the primary heat source for more than three-quarters of households and the leading source of electricity. It also has the most natural gas storage of any state. That makes natural gas an especially attractive option for utilities since they can buy it from elsewhere during the summer, store it, and sell it for less in the winter. To make electricity more affordable, utilities’ rates would have to change substantially, said Parth Vaishnav, an assistant professor of sustainable systems at the University of Michigan.

    “Relative to natural gas, electricity is really expensive in Michigan — more expensive than it is in many other states,” he said. “If you go from natural gas to a heat pump, it would raise almost everybody’s bills by quite a lot, and the problem would be worse for people on low incomes than for people on high incomes.”

    Financial considerations and logistical legwork can make the prospect of adopting cleaner heating daunting. For some, it’s not really an option at all.

    “Not everyone, unfortunately, has the luxury to worry about a lot of environmental concerns,” said Conor Harrison, a geography professor at the University of South Carolina.

    “Sometimes we are too quick to think about individual choices,” he said. “Changing a heating system in a house, like that is a major, major project. And it’s one that people typically don’t do until they have to.”

    Then there are factors like the strength of the power grid and the resilience of its infrastructure, which experts say could complicate electrification.

    “Of course, you have freedom to choose how you heat your home, but frankly, only up to a point,” said Gernot Wagner, a climate economist with Columbia Business School. “If the electric grid isn’t capable of sending more power to your home, then you’re up a creek when it comes to installing a heat pump.”

    Local initiatives have proved key to encouraging communities to embrace renewable energy in some cases. In others, municipal governments have moved to ban natural gas altogether.

    But sometimes it’s not just about choosing the cleanest option. Places like Mesick and Buckley have worked for years to make natural gas a reality, eyeing economic benefits for the community.

    “Propane was good, but natural gas is so much cheaper. That’s why it becomes, really, the frontrunner,” said Takis Pifer, the mayor of Buckley.

    Pifer, who previously worked as an analyst for DTE, acknowledged that other energy systems can work — he had a heat pump installed in his home — but said it made sense to give consumers more choices.

    There’s also hope that the addition of natural gas will give a boost to businesses in the area.

    “It’s exciting. It’s a good thing for town,” said Debbie Stanton, who has worked as Mesick’s village clerk for over two decades.

    Stanton isn’t against renewable energy; she got a grant to install a heat pump for the village office. But she said natural gas will create additional options for people living there; in the past, businesses looking to set up shop in Mesick opted to go to places that had a gas hookup. And with rising prices, saving on heating bills could help residents.

    “I raised three kids, and I spend more on groceries right now for the two of us than I did when I had my three kids at home,” she said. “You listen to people that have families, they’re spending $500 a week on groceries. So there’s not a lot of money left over for other things, and maybe being absolutely green isn’t their priority at this time.”

    Oil and gas companies have long promoted natural gas as a clean energy source, despite knowing that it was a major contributor to climate change.

    Despite Michigan’s goal of economy-wide carbon neutrality by 2050 and calls for reducing reliance on fossil fuels, it has by no means shunned natural gas.

    Last year, the state awarded $50 million in grants for “low-carbon energy infrastructure” — much of which went to expanding biogas and natural gas. As Planet Detroit reported at the time, utility and gas industry lobbyists donated tens of thousands of dollars in campaign contributions to legislators who wrote and sponsored the bills behind the funding.

    DTE received $7.28 million as part of that, making the roughly $17 million gas main extension project possible, said Scotty Kehoe, the utility’s director of gas operations for Greater Michigan.

    “Natural gas is one of those ways that we’re reducing our carbon footprint,” he said. “While natural gas might not be a renewable energy source, it is a very clean energy source.”

    Despite utilities continuing to push forward with natural gas, the energy landscape is changing.

    After a major methane leak at a Pennsylvania storage reservoir in 2022, the federal government began rolling out new rules for gas storage facilities, along with plans to fine companies for leaking methane.

    More homeowners are buying heat pumps than gas boilers. Federal incentives for heat pumps and energy-efficiency measures may help reduce the demand for natural gas heating.

    Some places, like a remote community in Washington state, have created a cooperative finance model to fund heat pump installations.

    And Michigan is harnessing federal incentives to start offering home-energy rebates for efficiency upgrades and electrification this fall — right around the time DTE is planning to finish its natural gas project.

    Back at the auto shop in Mesick, mechanic Vyacheslav Tsuber is considering all this. Some of his heating equipment will have to be replaced in the next few years, and natural gas would be convenient. Still, he said, he has more homework to do.

    “We are very conscious to make sure that our decisions [are] environmentally friendly,” he said, “Or [are] at least better than what we use right now.”

    [ad_2]

    Izzy Ross, Interlochen Public Radio

    Source link

  • DTE Energy (NYSE:DTE) Shares Sold by Retirement Systems of Alabama

    DTE Energy (NYSE:DTE) Shares Sold by Retirement Systems of Alabama

    [ad_1]

    Retirement Systems of Alabama trimmed its stake in DTE Energy (NYSE:DTE – Free Report) by 0.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 46,619 shares of the utilities provider’s stock after selling 225 shares during the period. Retirement Systems of Alabama’s holdings in DTE Energy were worth $4,628,000 as of its most recent SEC filing.

    A number of other hedge funds have also recently modified their holdings of the stock. Capital Research Global Investors grew its position in DTE Energy by 10.6% during the 2nd quarter. Capital Research Global Investors now owns 17,435,181 shares of the utilities provider’s stock worth $1,918,219,000 after purchasing an additional 1,669,375 shares during the last quarter. Millennium Management LLC grew its position in DTE Energy by 224.8% during the 4th quarter. Millennium Management LLC now owns 2,379,882 shares of the utilities provider’s stock worth $279,708,000 after purchasing an additional 1,647,053 shares during the last quarter. Vanguard Group Inc. grew its position in DTE Energy by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 23,028,699 shares of the utilities provider’s stock worth $3,044,624,000 after purchasing an additional 1,420,586 shares during the last quarter. Point72 Asset Management L.P. grew its position in DTE Energy by 89.7% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,515,382 shares of the utilities provider’s stock worth $166,722,000 after purchasing an additional 716,482 shares during the last quarter. Finally, Morgan Stanley grew its position in DTE Energy by 34.8% during the 4th quarter. Morgan Stanley now owns 2,045,650 shares of the utilities provider’s stock worth $240,425,000 after purchasing an additional 527,592 shares during the last quarter. 74.72% of the stock is owned by hedge funds and other institutional investors.

    DTE Energy Stock Down 2.2 %

    Shares of NYSE DTE opened at $105.08 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.85 and a debt-to-equity ratio of 1.71. The stock has a market capitalization of $21.67 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 2.62 and a beta of 0.64. The firm has a 50-day moving average price of $108.00 and a 200 day moving average price of $104.96. DTE Energy has a 52 week low of $90.14 and a 52 week high of $116.73.

    DTE Energy (NYSE:DTE – Get Free Report) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.67 by ($0.23). The business had revenue of $2.89 billion for the quarter, compared to analyst estimates of $3.96 billion. DTE Energy had a return on equity of 9.85% and a net margin of 8.99%. During the same quarter in the previous year, the firm posted $1.60 EPS. Equities research analysts anticipate that DTE Energy will post 5.75 EPS for the current fiscal year.

    DTE Energy Dividend Announcement

    The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, March 18th will be given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date is Friday, March 15th. DTE Energy’s payout ratio is currently 67.44%.

    Wall Street Analyst Weigh In

    Several research analysts have issued reports on the stock. Mizuho lowered their price objective on shares of DTE Energy from $121.00 to $106.00 and set a “buy” rating on the stock in a research report on Friday, November 3rd. Guggenheim cut shares of DTE Energy from a “buy” rating to a “neutral” rating and set a $111.00 target price for the company. in a research note on Monday, January 22nd. Morgan Stanley reduced their target price on shares of DTE Energy from $118.00 to $111.00 and set an “overweight” rating for the company in a research note on Wednesday, October 25th. Evercore ISI raised their target price on shares of DTE Energy from $108.00 to $116.00 and gave the stock an “outperform” rating in a research note on Monday, December 4th. Finally, Wolfe Research cut shares of DTE Energy from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.22.

    Read Our Latest Research Report on DTE

    DTE Energy Profile

    (Free Report)

    DTE Energy Company engages in the utility operations. The company’s Electric segment generates, purchases, distributes, and sells electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through fossil-fuel, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets.

    See Also

    Want to see what other hedge funds are holding DTE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DTE Energy (NYSE:DTE – Free Report).

    Institutional Ownership by Quarter for DTE Energy (NYSE:DTE)

    Receive News & Ratings for DTE Energy Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for DTE Energy and related companies with MarketBeat.com’s FREE daily email newsletter.

    [ad_2]

    ABMN Staff

    Source link