Summary
DTE Energy announced that DTE Electric Company's petition for a rehearing with the Michigan Public Service Commission (MPSC) regarding projected residential customer sales volumes has been denied. While the MPSC did not approve DTE Electric's proposed changes, the company has developed a plan involving one-time operations and maintenance actions to mitigate the impact. Importantly, DTE Energy is reaffirming its 2023 operating EPS guidance range of $6.09 - $6.40, indicating confidence in its ability to manage the outcome. The company emphasizes its commitment to affordable, reliable, and cleaner energy and notes that residential sales volumes will be reviewed in future rate cases.
Key Highlights
- 1MPSC denied DTE Electric's rehearing request concerning projected residential sales volumes.
- 2DTE Energy has a plan involving one-time O&M actions to address the MPSC decision.
- 3The company is reaffirming its 2023 operating EPS guidance range of $6.09 - $6.40.
- 4DTE Energy plans to support the midpoint of its 2023 EPS guidance.
- 5Full year 2022 earnings will be announced on February 23, 2023.
- 6A conference call to discuss 2022 earnings will be held on February 23, 2023, at 9 a.m. ET.
Frequently Asked Questions
The Michigan Public Service Commission (MPSC) denied DTE Electric's petition for a rehearing regarding its general rate case order, specifically concerning projected sales volumes for residential customers. The MPSC did not approve the proposed changes DTE Electric filed in the rehearing request.
DTE Energy has developed a plan that includes a series of one-time operations and maintenance actions to address the challenge posed by the MPSC's decision on projected sales volumes.
No, DTE Energy is reaffirming its 2023 operating EPS guidance range of $6.09 - $6.40. The company plans to support the midpoint of this range despite the MPSC decision, indicating confidence in its ability to manage the situation.
DTE Energy will announce its full year 2022 earnings before market open on Thursday, February 23, 2023. A conference call to discuss these results will follow at 9 a.m. ET on the same day. The call will be broadcast live and archived on the DTE Energy investor relations website.