DETROIT, July 28, Jul 28, 2020 (GLOBE NEWSWIRE via COMTEX) -- -- DTE Gas joins DTE Electric in net zero emissions goal
-- Brings state's largest wind park online
-- Partners with General Motors on Michigan's largest renewable energy investment
DTE Energy /zigman2/quotes/205073403/composite DTE -3.30% today reported second quarter 2020 earnings of $277 million, or $1.44 per diluted share, compared with $182 million, or $0.99 per diluted share in 2019.
Operating earnings for the second quarter 2020 were $295 million, or $1.53 per diluted share, compared with 2019 operating earnings of $183 million, or $0.99 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.
"During the first half of the year DTE responded swiftly to ensure our employees and customers were safe during the early months of the COVID-19 pandemic," said Jerry Norcia, DTE Energy president and CEO. "I couldn't be prouder of our employees' efforts to meet the needs of our customers while at the same time focusing on keeping our company on track. As a result, we're entering the second half of the year in great shape."
Norcia also noted the following recent company accomplishments:
-- Announced 2050 DTE Gas net zero goal: The unique and comprehensive plan reduces greenhouse gases by more than 6 million metric tons annually, the equivalent of removing 1.3 million gasoline-powered cars from the road. The plan is one of the first to address emission reductions both upstream with suppliers and with customers through emissions offset programs.
-- Commenced operations at Michigan's largest wind park; the first of four new wind parks coming online in 2020: New wind parks will increase clean energy generation capacity by more than 50% in 2020 and will offset 1.2 million metric tons of CO2 emissions annually.
-- Partnered with General Motors on renewable energy investment: This investment delivers enough clean energy to supply GM's Southeast Michigan facilities by 2023, including the Renaissance Center global headquarters in Detroit, the GM Global Technical Center in Warren, the Milford Proving Ground in Milford and two local assembly plants; Orion and Detroit-Hamtramck, as well as several smaller GM sites across Southeast Michigan.
-- Provided bill relief to customers during peak summer usage months: $30 to $40 million in bill relief is being passed on to electric utility customers for June and July after leveraging efficiency and lower fuel prices to significantly reduce generation costs.
-- Continued support of Michigan businesses: Invested over $1.1 billion with Michigan-based companies in the first half of this year, executing its commitment to the Pure Michigan Business Connect local supplier initiative. This includes approximately $550 million invested in the city of Detroit.
Outlook for 2020
"The solid financial results achieved during the first half of the year give us confidence in achieving our 2020 earnings guidance with a strong second quarter offsetting a challenging first quarter," said David Ruud, DTE Energy senior vice president and CFO. "The results in the second quarter are driven by strong performance across all of our businesses, cost reductions and warmer than normal weather. This provides a solid foundation for delivering on our financial and operational goals for this year."
Additionally, DTE is releasing its 2020 Environmental and Social Governance report highlighting the company's commitment to creating and sustaining long-term value for all stakeholders.
This earnings announcement and presentation slides are available at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (833) 968-2209 or international: (778) 560-2895. The passcode is 6173439. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, Aug. 26. To access the replay, dial U.S. and Canada toll free (800) 585-8367 or international toll (416) 621-4642 and enter the passcode 6173439.
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