dte rate increase 2020

DTE Gas initially sought a $203.8 million rate hike through the state commission in late 2019, which was opposed by consumer advocates and Michigan Attorney General Dana Nessel. DTE gets a rate increase, along with more accountability 4 min read. Bandyk also criticized the continuing trend of residential customers receiving greater percentage increases than industries or large businesses. Also as a part of the agreement between the MPSC and DTE, the utility agreed to one-time donation of $1 million to The Heat and Warmth Fund. The DTE Board declared a $1.085 per share dividend on its common stock, payable Jan. 15, 2021, to shareholders of record at the close of business Dec. 21, 2020. (RTTNews) - DTE Energy (DTE) increased its 2020 operating earnings per share guidance range to $6.90 - $7.10 from $6.47 - $6.75. DTE argued it needed the natural gas price hike in part to pay for infrastructure improvements and to account for decreasing customer use, according to a press release from the Michigan Public Service Commission from August when the body approved the increase.

When a separate "infrastructure recovery mechanism" increase goes into effect in January 2021, those same customers will see an additional bump of about 63 cents, or 0.8%.

© 2020 The Detroit News, a Digital First Media Newspaper. Contact Keith Matheny: (313) 222-5021 or kmatheny@freepress.com. Going into the coronavirus crisis, DTE rate hikes were the second-highest in the country despite lagging reliability. Search Engine Watch past honorable mention winner for Best News Search Engine. The Michigan Public Service Commission approved a 4.7% rate increase for DTE customers last week — less than the 9% increase DTE had requested in their June 2019 filing. "We believe this settlement is a great outcome for our customers and it allows the continuation of our infrastructure investments to support safe and reliable gas service," Dan Brudzynski, DTE Gas vice president of Gas Sales and Supply, said in a statement.

"This continues the needed investment in our gas infrastructure," Chair Dan Scripps said when the commission unanimously approved the hike in August. DTE's rapid return to the MPSC seeking higher rates has raised the ire of state Attorney General Dana Nessel. This site uses Akismet to reduce spam. DTE Energy Company (NYSE:DTE) Q3 2020 Earnings Conference Call October 27, 2020 9:00 AM ET.

The Michigan Public Service Commission approved a 4.7% rate increase for DTE customers last week — less than the 9% increase DTE had requested in their June 2019 filing. DTE's EPS growth rate has been among the best in the industry over the past decade, and is maintaining its long-term 5% to 7% growth target.

: "Despite these 9-figure rate increases, DTE has some of the worst reliability metrics in Michigan," said Bryan Brandenburg, an attorney for the Association of Businesses Advocating Tariff Equity. May 16, 2020 3 min read. We have a very large system; approximately 36,000 miles of infrastructure that we need to address.". The Michigan Public Service Commission approved a 4.7% rate increase for DTE customers last week —  less than the 9% increase DTE had requested in their June 2019 filing.

Third quarter operating earnings per share was $2.61, compared to $1.91, last year. Analysts expect the company to report profit per share of $7.11. "This just exacerbates their already-lopsided rates," she said. “DTE no matter what the circumstances, pandemic or not, is still making shareholders a priority,” said Shimekia Nichols, communications coordinator at Soulardarity. Site Design and Operation by Murray Owen LLC | A Web Development and Operations Company, Triple Crown produces 3 different winners, likely no closure, Trump's Doctor's Comments On Symptoms, Care Spark Confusion, NRG Energy, Inc. Reports First Quarter 2020 Results – Business Wire, New Jersey's energy efficiency approach could reduce incentive to invest, stakeholders warn – Utility Dive, Black candidates tap protest energy to challenge Democrats – The Associated Press, Daily on Energy, presented by National Clean Energy Week: Biden struggling to explain fracking stance – Washington Examiner. The decision also requires the utility to propose a system to link its performance with profits and to engage with community stakeholders in its next rate case. Stock quotes by finanzen.net. Some advocates don’t agree. ", DTE customers eligible for $25 credit only if power went out for 5 days, DTE speeds move to renewable energy: What it means for customers, New DTE wind farm is largest in Michigan with 65 turbines. "We need to continue to harden the system so that it's more resilient for our customers," said Trevor Lauer, president and chief operating officer of DTE Electric. Disclaimer | Bzdok noted that DTE's rate hike plan also includes a requested increase in their return on equity, their authorized profit margin allowed by regulators, from the 10% approved in May to 10.5%.

"The study is taking data from 2017, a year when hurricane-force winds caused the most damaging wind storm in a century and the worst in our company’s history," DTE spokeswoman Randi Berris said.

The company reduced its request to $188.5 million. Rocketnews is an aggregator of the top online news articles and stories from around the globe. Rate increases for DTE Gas customers that took effect last week are expected to generate $110 million for the utility. That would have meant an increase for residential customers of more than 8%, which Nessel argued was excessive and unreasonable. Barbara Tuckfield - Director of Investor Relations. Vial says that the MPSC “seems to walk a line in between what the Administrative Law judge recommends and what DTE files as a request”, calling the ruling a “perfect average” of the two.

Learn how your comment data is processed. Only Florida Power & Light Co. received more in rate hikes from 2015 to this year, but that utility has more than double the customer accounts — 5 million to DTE's 2.2 million. Made In NYC | Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. That number was heavily influenced by a major power outage across much of the state in March 2017 after sustained winds of more than 65 mph.

"That spending must be kept accountable through performance-based metrics that DTE should be required to meet.". It's happening as the utility has come under fire for the frequency, and duration, of blackouts on its system, including power outages to 600,000 customers following strong thunderstorms passing through southern Michigan on July 20, which left some without power for up to five days. Detroit Free Press Voter Guide: See who's on your ballot, 600,000 customers following strong thunderstorms, Your California Privacy Rights / Privacy Policy. “We continue to have these rate increases for electricity when we’re not investing in the right thing, which is not using it in the first place,” Stults added. Increased rates are set to begin for all DTE customers Friday.

DTE's average minutes to restore a power outage was also worst in the state in 2017, at 765 minutes. That's a total increase of $3.60, or 4.7%, according to the MPSC. On average, 15 analysts expected the company to report profit per share of $1.94 for the quarter. The new rates are set to go into effect one week from today, on May 15, 2020. "It really comes down to investing in our electric grid and investing in green energy. author: Jena Brooker. The commission unanimously approved a $110 million increase instead in late August.

The increase affects the utility’s 1.2 million residential and commercial customers. "It is that, but then it’s also, 'We want to increase the profit for every wire we install, every piece of equipment we put in a new power plant.'". Lamphear said that some of the increased revenue will go towards addressing new reliability standards set forth in the decision, which requires DTE to develop a proposal for a system of “performance-based regulation.”. The DTE Board declared a $1.085 per share dividend on its common stock, payable Jan. 15, 2021, to shareholders of record at the close of business Dec. 21, 2020. The (Citizens Utility Board) report itself states 'excluding major event days, Michigan is actually slightly above average. The agency typically reduces DTE's requests, but the hikes are still significant. Addition news feed providers included online media suppliers, local and regional publications, industry journals, companies, governments, universities, PR companies, official organizations, associations, shopping guides and weblogs. DTE seeks $351 million in new rate hikes as early as May 2020, projecting an increase of up to $9.84 per month in a typical residential customer's bill. Featured content providers include Reuters, Metacafe, News Corporation, About, BBC and The Sun. Koeppel says that until the MPSC orders DTE to do solar projects that benefit low-income people and the community and not their stakeholders, they likely won’t unless they’re “legally required to do so.”. If you feel like you've been here before, you have.

Analysts polled by Thomson Reuters expect the company to report profit per share of $6.67. Brandenburg cited data from the Citizens Utility Board of Michigan, a nonprofit organization representing residential electric customers' interests, showing DTE in 2017 had more average minutes of power outage per Michigan customer than any other utility in the state at over 1,000 minutes — almost three-quarters of a day in the dark per customer on average. DTE officials said the rate hikes have been necessary to improve its electrical distribution system, including a massive surge in tree-trimming across its network, as well as costs associated with transitioning away from older, coal-fired power plants to natural gas facilities. "One important reason DTE wants to raise rates is to spend more on the distribution system, but they don’t provide any commitments to ensure that these investments actually improve reliability or reduce outage duration," she said.

Commerce Policy | "This is DTE's business, and they are good at it," said Traverse City-based environmental attorney Christopher Bzdok, who represents three nonprofit environmental groups intervening in DTE's latest rate-hike proposal. Rate increases for DTE Gas customers that took effect last week are expected to generate $110 million for the utility. Lauer said the utility is following state laws to "reset rates in terms of residential and industrial customers. Rocketnews uses news feeds from a variety on online news feed providers including Feedzilla, Yahoo, and the BBC. "It creates an inaccurate data point. "It’s not just, 'We’ve got to buy some new wires and install them to keep the lights on,'" he said. For 2021, DTE Energy projects operating EPS in a range of $6.88 - $7.26 which is 7% higher than 2020 original operating EPS guidance. Rate increases for DTE Gas customers that took effect last week are expected to generate $110 million for the utility. When a separate “infrastructure recovery mechanism” increase goes into effect in January 2021, those same customers will see an additional bump of about 63 cents, or 0.8%. Analysts' estimates typically exclude special items. Data shows DTE had more average minutes of power outage per customer, and longer waits to restore power, than any other electric utility in Michigan in 2017. Soulardarity Executive Director Jackson Koeppel calls the decision an “okay start,” adding that he’s seen some of DTE’s previous attempts to work with community partners left some community members feeling “strung along.”.

"However, even with fewer outages, Michigan customers still spend more time in the dark than customers in most states, suggesting that Michigan utilities are particularly bad at restoring power once there is an outage.

That’s a total increase of $3.60, or 4.7%, according to the MPSC, Read More At Article Source | Article Attribution.

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