Detroit utility DTE Energy is on track to invest over $4bn in 2024 to continue building a smart electric grid, transforming its power generation to deliver cleaner sources of energy, and upgrading and expanding its natural gas infrastructure to be safer and more reliable.

It has invested over $3bn so far this year.

The company also reported third quarter earnings of $477m, compared with $332m in 2023. Operating earnings for the third quarter 2024 were $460m compared with 2023 operating earnings of $298m.

“Through their innovation and hard work, DTE team members are making great progress building a cleaner, more resilient energy grid to keep the power flowing for our customers,” said Jerry Norcia, DTE Energy CEO. “In the third quarter of 2024 alone, we started construction of three new solar energy parks. We are also building or energising ten new substations to power Michigan’s future. Our solid financial strength and constructive regulatory environment allow us to continue to invest above our generated cash flows for improved reliability and cleaner generation.”

DTE’s investment in smart grid technology prevented more than 9000 power interruptions and more than 3.6 million minutes without power for its customers so far in 2024. Smart grid technology automatically detects and de-energises downed wires, which improves people’s safety, and helps isolate areas of damage, reroute power for many customers and quickly pinpoint the damage location, which shortens outage time and speeds up restoration.

The company is also at various stages of constructing or energising ten new substations across its service territory. Substations, also equipped with smart grid technology, are critical parts of the electric grid that adjust voltage levels coming from power plants to distribute electricity safely and efficiently to homes and businesses.

As Michigan’s largest producer of and investor in renewable energy, DTE broke ground on three new solar parks in response to growing customer support for clean, renewable energy. The Fish Creek and Mission Road solar parks in mid-Michigan, and the Little Trout solar park in northern Michigan, are all funded by customers who voluntarily enrolled in DTE’s CleanVision MIGreenPower programme (solutions.dteenergy.com/dte/en/Products/DTE-CleanVision-MIGreenPower/p/MIGPGREEN). These solar developments are a step towards the company’s goal of achieving net zero carbon emissions and bringing the state of Michigan closer to its clean energy goal of 60% by 2035.

DTE has installed nearly 1000 free air conditioners for people in need in metro Detroit. As summer temperatures rose, DTE’s energy efficiency assistance team delivered free AC units and made home repairs for local income-qualified customers as part of an ongoing effort to support vulnerable populations. As a part of the initiative, customers may also receive additional assistance including weatherisation, new appliances and insulation to ensure their homes meet health and safety standards.

DTE shared its progress in executing its sustainability strategy to improve operations, accomplish net zero goals, care for customers – especially the most vulnerable – and develop a workforce to lead Michigan’s energy future in its 2023 CleanVision Sustainability Report (empoweringmichigan.com/wp-content/uploads/2023SustainabilityReport.pdf).

“We are confident that we will achieve our financial targets in 2024 while making significant strides in our infrastructure investment plan to improve how we produce and deliver energy for our customers and communities,” said David Ruud, DTE chief financial officer.

DTE Energy (dteenergy.com) 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 south-east Michigan and a natural gas company serving 1.3 million customers across Michigan. The portfolio also includes energy businesses focused on custom energy, renewable energy generation, and energy marketing and trading.