Dive Brief:
- DTE Energy Q1 2014 earnings were reported at $326 million, a huge jump from Q1 2013 earnings of $234 million.
- Operating earnings for Q1 2014, which exclude non-recurring, adjusted, and discontinued budget items and are considered by management “a more meaningful representation” of earnings, were $300 million compared with 2013 operating earnings of $234 million.
- CFO/SVP Peter Oleksiak said DTE's utility investment plans will be "driven by environmental-related spend" over the next few years. Looking ahead, DTE will be "starting the process of renewing our aging coal fleet with gas and renewables," he said.
Dive Insight:
DTE Chair/CEO Gerry Anderson was apologetic for big earnings during the record cold throughout Q1 that drove increased demand and acknowledged the cold was a “significant challenge” for many of the “most vulnerable.”
During the report, Anderson noted DTE and its employees contributed $10-plus million to energy assistance programs in 2013-14, listed various community agencies and public programs that make assistance available, and described DTE efforts, like home energy audits, a bill-leveling option and a 6.5% rate reduction in January, to ease ratepayers burdens.
Growth for 2014 is projected at 5% to 6% which is expected to keep investors’ dividend per share on the 5.4% average upward trend that paid out $2.48 in 2012 and $2.62 in 2013 and keep DTE on track to have $1 billion in operating earnings by 2018.
