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    DTE Energy Co (DTE)

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    Business Description

    DTE Energy is a diversified energy company headquartered in Detroit, specializing in the development and management of energy-related businesses and services across the United States . The company operates through several key segments, including DTE Electric and DTE Gas, which are public utilities providing electricity and natural gas to millions of customers in Michigan . Additionally, DTE Energy engages in non-utility operations through DTE Vantage, focusing on renewable natural gas projects and custom energy solutions, and Energy Trading, which involves energy marketing and trading activities .

    1. DTE Electric - Generates, purchases, distributes, and sells electricity to approximately 2.3 million customers in southeastern Michigan.
    2. Energy Trading - Engages in energy marketing and trading operations, contributing significantly to the company's non-utility revenue.
    3. DTE Gas - Purchases, stores, transports, distributes, and sells natural gas to about 1.3 million customers throughout Michigan.
    4. DTE Vantage - Focuses on renewable natural gas projects and provides custom energy solutions to industrial, commercial, and institutional customers.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    JoAnn ChavezSenior Vice President and Chief Legal OfficerOctober 28, 2019JoAnn Chavez is the Senior Vice President and Chief Legal Officer at DTE Energy. She has held this position since October 28, 2019 .
    Joi M. HarrisPresident and Chief Operating Officer, DTE Energy CompanyJuly 3, 2023Joi M. Harris was appointed as the President and Chief Operating Officer of DTE Energy Company on July 3, 2023 . Prior to this role, she served as the President and COO of DTE Gas Company starting on October 25, 2021 .
    Trevor F. LauerVice Chairman and Group PresidentJuly 3, 2023Trevor F. Lauer is the Vice Chairman and Group President at DTE Energy. He has held the position of Vice Chairman and Group President since July 3, 2023 . Prior to this role, he served as the President and COO of DTE Electric .
    Lisa A. MuschongVice President, Corporate Secretary and Chief of StaffNovember 2, 2015Lisa A. Muschong serves as the Vice President, Corporate Secretary, and Chief of Staff at DTE Energy. She has held this position since November 2, 2015 .
    Tracy J. MyrickChief Accounting OfficerJune 21, 2021Tracy J. Myrick serves as the Chief Accounting Officer at DTE Energy. She has held this position since June 21, 2021 .
    Gerardo NorciaChairman and Chief Executive Officer2019 (CEO), 2022 (Chairman)Gerardo Norcia is the Chairman and Chief Executive Officer of DTE Energy Company. He has been serving as Chairman since 2022 and as CEO since 2019. Prior to these roles, he was the President of DTE Energy from 2016 to 2019 .
    Matthew T. PaulPresident and Chief Operating Officer, DTE Electric CompanyJuly 3, 2023Matthew T. Paul serves as the President and Chief Operating Officer of DTE Electric Company. He assumed this position on July 3, 2023 .
    Robert A. RichardPresident and Chief Operating Officer, DTE Gas CompanyJuly 3, 2023Robert A. Richard serves as the President and Chief Operating Officer of DTE Gas Company. He was appointed to this position on July 3, 2023 .
    David RuudExecutive Vice President and Chief Financial OfficerMay 4, 2020David Ruud serves as the Executive Vice President and Chief Financial Officer of DTE Energy. He has held this position since May 4, 2020 .
    Mark W. StiersPresident and Chief Operating Officer, DTE Vantage and Energy TradingApril 1, 2019Mark W. Stiers is the President and Chief Operating Officer of DTE Vantage and Energy Trading at DTE Energy. He has held this position since April 1, 2019 .
    Deborah ByersBoard of DirectorsJune 22, 2023Deborah L. Byers is a member of the Board of Directors at DTE Energy. She was elected to the board effective June 22, 2023, and her term will expire at the 2024 annual meeting .

    Questions to Ask Management

    1. Given the significant capital investments required for grid reliability and clean generation, how confident are you that the Michigan Public Service Commission will approve your requested rate increases and the expansion of the infrastructure recovery mechanism, especially considering the emphasis on maintaining customer affordability?

    2. The independent audit confirmed your proposed investment plan to reduce power outages by 30% and cut outage time in half by 2029; however, were there any critical findings or recommendations that might necessitate adjustments to your strategy or additional investments beyond what you've planned?

    3. With the projected average annual residential bill growth of just over 1% from 2021 through 2025 despite substantial capital expenditures, how sustainable is this rate of bill increase in the long term, and do you foresee any potential for higher rate pressures on customers beyond 2025?

    4. Regarding the potential need to design tailored tariffs for new large loads to prevent stranded asset risks, what specific strategies are you considering to ensure that these new customers contribute appropriately to infrastructure costs without adversely impacting existing customers' rates?

    5. In your Vantage segment focusing on renewable natural gas and carbon capture solutions, can you elaborate on the profitability outlook and any significant risks or challenges you anticipate, particularly in advancing these projects amid evolving regulatory policies and technological developments?

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    20243,200Long-Term Debt (Current)N/A13.5% = (3,200 / 23,659) * 100
    2024966Short-Term BorrowingsN/A4.1% = (966 / 23,659) * 100
    2026500Mortgage Bonds4.852.1% = (500 / 23,659) * 100
    20271,200Senior Notes4.955.1% = (1,200 / 23,659) * 100
    20291,200Senior Notes5.105.1% = (1,200 / 23,659) * 100
    2034500Mortgage Bonds5.202.1% = (500 / 23,659) * 100
    2034850Senior Notes5.853.6% = (850 / 23,659) * 100
    2034160First Mortgage Bonds4.870.7% = (160 / 23,659) * 100
    2054160First Mortgage Bonds5.430.7% = (160 / 23,659) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2008PresentCurrent auditor