Dive Brief:

• DTE Energy reported 2014 earnings of $905 million, compared with $661 million in 2013.
• The company reported earnings were up 37% in 2014, driven in large part by DTE Energy's businesses outside of its regulated utility operations.
• Earnings at the electric utility were up 9%, DTE said, while gas utility reported earnings were down slightly.

Dive Insight:

DTE said it was a "very successful year" for the company, both operationally and financially, although Chairman and CEO Gerard Anderson did acknowledge that there were challenges.

"The first quarter brought unusually cold temperatures followed by an unprecedented number of severe wind storms during the second and third quarters," Anderson said. "We know that our customers were impacted as our systems were challenged by these extraordinary events and we expect to make significant investments going forward to improve our reliability and ensure the availability of safe, clean and affordable energy."

DTE Energy increased 2015 operating guidance to $4.48 to $4.72 per share, from the $4.43 to $4.67 per share early outlook provided in November.

"We exceeded our financial goals in 2014 primarily due to the record-breaking cold weather that we experienced during the first quarter, followed by the successful execution of cost containment initiatives during the unusually heavy summer storm season," said Peter Oleksiak, DTE Energy senior vice president and chief financial officer. "In addition, continued growth in development projects in our non-utility businesses drove financial results well above 2013 levels."

DTE has filed its first rate increase in four years. Oleksiak noted that the rate case, if approved by the Michigan regulators, would result in a $3.25 average increase from 2013 in residential customers' monthly bills, or a total increase of approximately 1.5% annually.