- Achieves 85% CO2 emission reductions in nine years for DTE Electric with a goal of net zero carbon emissions by 20501.
- Directs an additional $110 million to support the Company's most vulnerable customers through the clean energy transition.
DTE Energy (NYSE:DTE) today (July 26) received approval from the Michigan Public Service Commission (MPSC) on the Company's landmark CleanVision Integrated Resource Plan (IRP). This approval comes just 14 days after a historic settlement agreement was reached between DTE and nearly two dozen organizations on the Company's 20-year plan that dramatically transforms how DTE generates electricity as part of its mission to invest in the future of Michigan. Developed over the past two years with the input of DTE's customers and other key stakeholders from across Michigan, this proposal accelerates DTE's clean energy transition increasing investments in Michigan-made solar and wind energy, speeding up the retirement of coal plants, and developing new energy storage - all reinforcing DTE's commitment to cleaner energy generated reliably and affordably.
"We want to thank the Michigan Public Service Commission for approving our CleanVision Plan. This has been a collaborative process, with input from key stakeholders, to ensure we have the best plan possible for our 2.3 million customers and the state of Michigan," said Jerry Norcia, chairman and chief executive officer, DTE Energy. "We are transforming how we generate electricity - with the goal of getting as clean as we can as fast as we can - while ensuring we continue to produce energy that is reliable and affordable."
DTE Electric will surpass its previously announced carbon emission reduction goals - targeting 65% in five years (2028), 85% in nine years (2032), 90% by 2040 and net zero carbon emissions by 2050.
Key details of the CleanVision Integrated Resource Plan include:
Investing in clean and reliable energy by:
- Developing more than 15,000 megawatts of Michigan-made renewable energy by 2042. This carbon-free generation is the equivalent to powering approximately 4 million homes.
- Accelerating the development of energy storage, targeting 780 megawatts through 2030 with a goal of more than 1,800 megawatts of storage by 2042 - reinforcing DTE's commitment to clean and reliable energy and more than doubling current storage capacity.
- Ending DTE's use of coal in 2032 with a responsible, phased retirement schedule of the Belle River and Monroe coal power plants - dramatically reducing the Company's use of coal from 77% in 2005 to 0% in less than three decades. The Company has further accelerated the retirement of the Monroe Power Plant - with half of the plant retiring in 2028 and full retirement in 2032. The Company will provide re-training for employees impacted by the coal plant retirements and will continue to partner with the local communities, who for years have hosted these coal-fired plants, on new economic development opportunities.
- Targeting 2% energy savings level from energy efficiency through 2027.
- Supporting increased distributed generation on the Company's distribution system.
Delivering long-term customer value by:
- Investing over $11 billion into the clean energy transition over the next 10 years, supporting more than 32,000 jobs in Michigan, while reducing the future cost of the plan for the Company's customers by a projected $2.5 billion2.
- Directing an additional $110 million to support income-qualified home energy efficiency programs, customer affordability programs and access to clean energy resources for the Company's most vulnerable customers.
- Repurposing the Belle River coal-fired power plant to run on natural gas at a fraction of the cost of building a new power plant, while accelerating reductions in carbon emissions. Natural gas, and other 24/7 resources like the Company's existing Fermi II carbon-free nuclear plant, play an important role in a diverse energy mix and will significantly reduce emissions while providing reliable and affordable energy to meet periods of high customer demand.
A broad range of stakeholders from across Michigan signed onto a settlement agreement that was submitted to the MPSC for approval earlier this month. Signatories to the settlement agreement include DTE Electric, MPSC staff, Attorney General Dana Nessel, representatives of Michigan's environmental community, key business and labor organizations and energy industry associations.
The Company anticipates the approved order will be made available on the MPSC docket later today.
For further information, members of the media may contact:
Jill Wilmot or Ryan Lowry, DTE Energy, 313.235.5555
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 in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects, renewable natural gas, and energy marketing and trading. Through our commitment to cleaner energy, DTE Electric plans to reduce CO2 emissions by 90% and DTE Gas will plan to reduce methane emissions 80% by 2040, while keeping our energy safe, reliable and affordable. DTE Electric and Gas aspire to achieve net zero carbon emissions by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.
Certain information presented herein includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, and businesses of DTE Energy (the "Company"). Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. In particular, among other statements, statements relating to the Company's climate-related policies, procedures, initiatives or goals (including, for the avoidance of doubt, net zero goals) and the Company's targets, aims and objectives in connection with those ambitions, and to the Company's expectations, targets and aims for capital expenditure, are subject to change, and are aspirational and not guarantees or promises that all targets, aims and objectives will be met. Statistics and metrics relating to ESG and climate-related matters are estimates and may be based on assumptions or developing standards. Actual results may differ materially from any forward-looking statements.
1. Baseline set in 2005
2. $1.1 billion from 2019 plan and nearly $1.4 billion from the proposed 2022 plan related to regulatory asset treatment related to the net book value of Monroe and Belle River Power Plant
