DTE Energy reported its full year 2024 operating EPS of $6.83, reaching the high end of its guidance. This performance represents over 9% growth from the company's original 2023 midpoint. The strong results were supported by factors including rate implementation, favorable weather conditions, and lower storm costs within the Electric segment, alongside robust trading results.
The company is executing a significantly expanded $30 billion capital plan through 2029, marking a $5 billion increase from its previous plan. This substantial investment is primarily allocated to the utilities segment, with 95% targeting critical areas such as electric grid reliability and the clean energy transition. This plan positions DTE for high-quality long-term EPS growth.
DTE is accelerating its clean energy transition, systematically retiring its coal fleet, having already closed eleven units. Plans include converting two Belle River units to natural gas peaking by 2026 and retiring the four Monroe units in stages by 2032. This transition is backed by a $10 billion investment in renewables from 2025-2029 and a 220 MW battery storage project at the Trenton Channel site, expected to be operational in 2026.
The DTE Vantage segment is strategically shifting towards more utility-like, long-term fixed-fee contracts, exemplified by projects such as the Ford Tennessee plant, which became operational in late 2024. This segment is also set to benefit from 45Z production tax credits for its Renewable Natural Gas (RNG) business. These credits are expected to contribute $50-60 million annually from 2025 through 2027, providing a near-term earnings tailwind.
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