DTE Energy reported a 70% improvement in power reliability in 2024 due to significant grid investments and smart technology.
Quiver AI Summary
DTE Energy announced significant advancements in enhancing its electric grid in 2024, resulting in nearly a 70% reduction in customer power outage time compared to the previous year. This improvement is attributed to a $1.5 billion investment alongside less severe weather conditions. DTE's president, Matt Paul, emphasized the effectiveness of their financial commitment to infrastructure upgrades and smart grid technology, which includes over 450 new circuit automation devices that helped prevent thousands of outages. The company is continuing to rebuild substantial grid sections, upgrade existing infrastructure, and manage vegetation to prevent outages caused by trees. DTE aims to maintain this momentum to achieve lasting improvements in electric reliability for its 2.3 million customers in Southeast Michigan.
Potential Positives
- DTE Energy reported a nearly 70% improvement in time spent without power for customers from 2023 to 2024, highlighting significant enhancements in electric reliability.
- The company invested $1.5 billion in the electric grid in 2024, indicating a strong commitment to improving infrastructure and service quality.
- DTE accelerated its transition to smart grid technology, commissioning over 450 new circuit automation devices in 2024, which helped avoid nearly 10,000 outages.
- The ongoing tree trimming and removal program, covering more than 4,300 miles in 2024, significantly mitigates power outages caused by vegetation, improving overall service stability.
Potential Negatives
- The press release highlights the reliance on investment and less extreme weather to improve reliability, suggesting that ongoing issues may still persist without consistent favorable conditions.
- DTE's acknowledgment of "tremendous investment" needed to achieve sustained reliability improvements points to potentially unresolved systemic issues within the grid infrastructure.
- The mention of a significant amount of power interruptions despite improvements indicates that the company's services may still face challenges, potentially eroding customer confidence.
FAQ
What progress did DTE Energy make in 2024?
DTE Energy improved its electric grid, achieving a nearly 70% reduction in customer power outages compared to 2023.
How much did DTE invest in the electric grid in 2024?
DTE Energy invested $1.5 billion in its electric grid in 2024 to enhance reliability and performance.
What is DTE's plan for the future electric grid?
DTE's four-point plan includes transitioning to a smart grid, infrastructure upgrades, extensive rebuilding, and tree management.
How did smart grid technology help DTE customers?
Smart grid technology helped avoid nearly 10,000 outages and save customers 4 million minutes of power interruption in 2024.
Where can customers find updates on DTE projects?
Customers can explore ongoing projects through DTE Energy’s Power Improvements Map and visit empoweringmichigan.com for more information.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$DTE Hedge Fund Activity
We have seen 411 institutional investors add shares of $DTE stock to their portfolio, and 303 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MIZUHO SECURITIES USA LLC added 7,023,042 shares (+44009.5%) to their portfolio in Q3 2024, for an estimated $901,828,823
- CAPITAL RESEARCH GLOBAL INVESTORS removed 1,477,941 shares (-6.8%) from their portfolio in Q3 2024, for an estimated $189,782,403
- VANGUARD GROUP INC removed 1,081,350 shares (-4.2%) from their portfolio in Q3 2024, for an estimated $138,856,153
- VERITION FUND MANAGEMENT LLC removed 732,286 shares (-85.5%) from their portfolio in Q3 2024, for an estimated $94,032,845
- STATE STREET CORP added 662,569 shares (+7.0%) to their portfolio in Q3 2024, for an estimated $85,080,485
- ZIMMER PARTNERS, LP added 544,300 shares (+inf%) to their portfolio in Q3 2024, for an estimated $69,893,563
- CLEARBRIDGE INVESTMENTS LTD added 543,330 shares (+inf%) to their portfolio in Q3 2024, for an estimated $69,769,005
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Detroit, Jan. 22, 2025 (GLOBE NEWSWIRE) -- DTE Energy today reported the progress it made in 2024 in building a smarter, stronger, and more resilient electric grid for its customers. Due to the impact of enhanced work and increased investment in the electric grid, coupled with less extreme weather, DTE customers experienced a nearly 70% improvement in time spent without power between 2023 and 2024.
“When we invest, it works. Thanks to the combination of $1.5 billion of investment in the electric grid last year, coupled with less extreme weather, our customers experienced a significant improvement in electric reliability in 2024,” said Matt Paul, president and chief operations officer, DTE Electric. “Our work to build the electric grid of the future is showing results, but we have a lot of work ahead, and tremendous investment to be made, to achieve the sustained electric reliability improvements our customers demand and deserve.”
To make these improvements possible, DTE is focused on executing the company’s four-point plan to build the grid of the future that includes transitioning to a smart grid, updating existing infrastructure, rebuilding significant portions of the grid and trimming and removing trees away from our lines. In 2024 the company made significant progress including:
- DTE accelerated its transition to smart grid technology with more than 450 new circuit automation devices commissioned in 2024. These devices, combined with a state-of-the-art operations center and additional investments in the field communications system, help to isolate outages and alert DTE’s operations center when wires are down, so that crews can restore power more quickly. In 2024 alone, these smart grid devices helped customers avoid nearly 10,000 outages and 4 million minutes of power interruption and smart grid technologies, like automatic pole top switches, have already helped avoid more than 50,000 customer outages. Every year, these upgrades will continue to help us save money by reducing the frequency of outages and the costs of repairs even more.
- The company continued rebuilding significant sections of the grid, including the construction of new, modern substations and entirely upgraded circuits. DTE currently has 12 new substations in various levels of commissioning, including three that began construction late in 2024
- DTE upgraded and improved existing infrastructure. In 2024, field crews inspected and made upgrades along more than 850 miles of electric lines (longer than the distance between New York City and Chicago) and replaced nearly 3,400 power poles.
- Trees and branches contacting electric equipment account for half the time customers spend without power, and in 2024 DTE trimmed or removed more than 4,300 miles of trees (the distance between Miami and Anchorage) across the many communities the company serves. By the end of this year, DTE will have trimmed or removed trees from over 31,000 miles of overhead infrastructure over the last five years.
To stay informed about ongoing projects you can explore DTE Energy’s Power Improvements Map or visit empoweringmichigan.com
About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com , empoweringmichigan.com , x.com/dte_energy and facebook.com/dteenergy.