Thu, Jul 25, 1:39 PM (44 days ago)
For the quarter ended June 30, 2024, DTE Energy reported consolidated operating revenues of $2.88 billion, a 7% increase from $2.68 billion in the same period of 2023. The Electric segment saw a significant rise in revenues due to new rates, higher Power Supply Cost Recovery, and favorable weather conditions. Operating expenses increased to $2.37 billion from $2.29 billion, driven by higher fuel, purchased power, and maintenance costs. Operating income rose to $502 million from $397 million. Net income attributable to DTE Energy increased to $322 million, up from $201 million in Q2 2023, primarily due to higher earnings in the Electric segment. However, earnings per share slightly decreased for the six-month period due to lower profits in the Energy Trading, Gas, and DTE Vantage segments. Cash flow from operations was robust at $1.8 billion, supporting significant capital investments, including $4.7 billion planned for 2024. DTE Energy’s strategic focus remains on capital investments in base infrastructure, cleaner generation, and grid reliability, with an emphasis on achieving carbon emission reduction goals. The company maintains a strong balance sheet, with total funded debt to capitalization ratios in compliance with financial covenants. Future financial performance will be influenced by regulatory outcomes, weather, and capital expenditure recovery.