Yahoo Finance DTE Energy proposes transformational investment in Michigan-made renewable energy and accelerates emission reductions
Carbon reduction graphic
Generation mix graphic
Detroit, Nov. 03, 2022 (GLOBE NEWSWIRE) --
Generates reliable electricity through a balanced and diverse mix of cleaner energy sources
Achieves 85% CO2 emission reductions in 2035[1] for DTE Electric through accelerated coal plant retirements while supporting Michigan’s economy-wide reductions in greenhouse gas (GHG) emissions in a way that surpasses the state’s interim timelines
Proposes enough Michigan-made solar and wind energy to power about 4 million homes
Invests $9 billion into Michigan's economy over the next 10 years, supporting more than 25,000 jobs
Reduces the cost of the clean energy transition by a projected $1.4 billion[2]
DTE Energy (NYSE:DTE) today released its CleanVision plan, a 20-year proposal to dramatically transform how the company generates electricity as part of its clean energy journey, all while investing in a modern grid that is reliable and affordable. The proposed plan increases investment in solar and wind energy, accelerates the retirement of coal plants, and includes the development of new energy storage – all reinforcing DTE’s commitment to cleaner energy.
“Across the country, and here in Michigan, the energy landscape is changing rapidly and fundamentally,” said Jerry Norcia, chairman and chief executive officer, DTE Energy. “We are excited to drive this transformation by powering the grid with Michigan-made renewable energy, existing nuclear and natural gas. These new solar and wind assets, enough to power approximately 4 million households, will replace our retiring coal power plants, resulting in a cleaner environment for Michigan families, communities and businesses.
“We are proud our plan invests $9 billion into Michigan’s economy over the next 10 years, supporting more than 25,000 Michigan jobs and the great, local communities we partner with across the state. This transformational plan is complimented by our announcement last year to invest an additional $8 billion to modernize the electric grid, making it more resilient to extreme weather and more reliable as we plan for increased customer demand.”
DTE’s proposal will be filed with the Michigan Public Service Commission (MPSC) in what is referred to as an Integrated Resource Plan (IRP). Key details of DTE’s proposal include:
Transforming how the company generates electricity over the next two decades.
Developing more than 15,000 MW of renewables to power homes, as well as businesses and industrial facilities. This renewable energy generation is equivalent to powering approximately 4 million homes.
Building more than 1,800 MW of energy storage to support the Company’s clean energy transformation – more than doubling current storage capacity.
Ending DTE’s use of coal in 2035 with a responsible, phased retirement schedule of the Belle River and Monroe coal power plants, which account for approximately 40% of the Company’s current energy mix.
Accelerating the retirement of coal at the Belle River Power Plant to 2026 from 2028.
Launching the phased retirement of the Monroe Power Plant, one of the largest coal plants in the country, in 2028, nearly 12 years earlier than the original planned date of by 2040, supported by future 24/7 emerging technologies.
Delivering long-term customer value through:
Projecting $1.4 billion in future cost reductions.
Repurposing an existing coal power plant at a fraction of the cost of building a new plant while accelerating reductions in carbon emissions.
By investing in cleaner sources of energy and accelerating the retirement of coal, DTE Electric plans to surpass its previously announced carbon emission reduction goals. The Company’s emission reduction goals are ahead of the timelines in the MI Healthy Climate Plan (MHCP) and will help support Michigan’s economy-wide greenhouse gas (GHG) emissions reductions interim timelines. DTE’s new goals include:
Achieving 32% CO2 emissions reductions in 2023 – two years ahead of the MHCP timeline of 28% by 2025
Reducing CO2 emissions 65% in 2028 (previously 50%) which also surpasses the MHCP timeline of 52% by 2030
Targeting 85% CO2 reduction in 2035
Targeting 90% CO2 reduction (previously 80%) by 2040, and
Meeting its ultimate net zero goal by 2050
“We’re doubling down on our investment in Michigan by developing solar and wind energy right in our state, guided by our commitment of getting as clean as we can as fast as we can while providing reliable and affordable energy through a modern grid,” said Trevor Lauer, president and chief operating officer, DTE Electric.
“We also know natural gas plays an important role in a diverse energy mix, and that is why repurposing our Belle River power plant to run on natural gas instead of coal, alongside 24/7 carbon-free nuclear energy, will significantly reduce emissions while providing energy to meet periods of high customer demand. These 24x7 assets allow the Company to add thousands of megawatts of renewables onto the grid while also creating a bridge to new, emerging technologies that we expect in the years to come,” Lauer added.
As DTE transforms how it produces electricity and retires its remaining coal plants, the Company will provide re-training for employees impacted by the coal plant retirements, and will also partner with the local communities, who for years, hosted these coal-fired plants.
DTE Electric undertook a year-long, comprehensive analysis that reflected insights shared by the Company’s customers and other stakeholders to build the plan. It offers a balanced and diversified approach for the transition of the Company’s generation fleet, while complementing its commitment to build a reliable and resilient electric grid. Last year, DTE announced a plan to develop this grid of the future that will withstand increasingly unpredictable and severe weather while meeting the evolving demands – like transportation electrification – of its customers and communities.
Additional information on DTE’s CleanVision Integrated Resource Plan can be found at www.dtecleanenergy.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 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 by more than 80% by 2040 to produce cleaner energy while keeping it 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] From 2019 plan.
Attachments
CONTACT: Jill Wilmot or Ryan Lowry DTE Energy 313.235.5555
