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DTE Energy Company 2020 Series G 4.375% Junior Subordinated Debentures due 2080 (DTB+0.11%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing operating revenues of approximately $12.5 billion, with net income attributable to DTE Energy Company of $1.4 billion. Diluted earnings per common share were reported at $6.77.
DTE Energy's Electric segment reported operating revenues of $6.3 billion, with residential, commercial, and industrial sales contributing to the total. The segment's net income was $1.1 billion, reflecting an increase from the previous year.
The Gas segment reported operating revenues of $1.8 billion, with gas sales, end-user transportation, and intermediate transportation contributing to the total. The segment's net income was $257 million, showing a decrease from the prior year.
DTE Vantage segment reported operating revenues of $753 million, with a net income of $135 million. The segment's revenues decreased due to lower demand and prices in the Steel business and lower sales in the Renewables business.
The Energy Trading segment reported operating revenues of $3.8 billion, with a net income of $125 million. The segment's revenues decreased primarily due to lower gas prices and settled financial hedges.
Corporate and Other reported a net loss of $185 million, representing an increase from the previous year's net loss of $158 million. This increase was primarily due to higher net interest expense and higher state income taxes.
DTE Energy's capital investments over the 2025-2029 period are estimated at $24 billion for the Electric segment and $4 billion for the Gas segment. These investments are aimed at supporting infrastructure improvements and cleaner energy initiatives.
DTE Energy plans to reduce carbon emissions from its electric utility operations by 65% in 2028 and achieve net zero emissions by 2050. The company is transitioning from coal-fired plants to renewable energy and other sources.
DTE Energy's non-utility businesses are expected to see growth opportunities in the DTE Vantage segment, particularly in renewable energy and custom energy solutions, while expanding into carbon capture and sequestration.
The filing also details various regulatory matters, including rate cases and environmental compliance, as well as the company's strategy for achieving long-term earnings growth with a strong balance sheet and attractive dividend.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DTE Energy Company 2020 Series G 4.375% Junior Subordinated Debentures due 2080 annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.