DTE Energy is poised to invest more than $4 billion in 2024 to enhance electric grid reliability and transition to cleaner energy sources, according to its third-quarter earnings report released on October 24. The Detroit-based utility has allocated over $3 billion this year alone for grid enhancements and outage restoration improvements, with the company aiming for significant strides in reducing power outages.

In a statement, Jerry Norcia, DTE Energy Chairman and CEO, highlighted ongoing developments, noting, "We started construction of three new solar energy parks in Q3 2024 and are also constructing or activating 10 new substations." This aligns with Michigan's target for 60% renewable energy by 2035.

The Michigan Public Service Commission's September audit found that DTE's power restoration times were "worse than average," leading the utility to pursue a strategy to cut power outages by 30% and reduce outage duration by 50% by 2029. Joi Harris, DTE President and COO, stated that DTE is taking a "constructive" approach to the audit findings, which validate DTE's focus on grid improvements.

In addition, DTE's 2024 financial outlook includes projected operating earnings of $6.54 to $6.83 per share. David Ruud, DTE's CFO, expressed confidence in reaching these financial goals, emphasizing DTE's commitment to a long-term infrastructure improvement plan to better serve customers and communities.