Sector: Utilities|Industry: Utilities - Regulated Electric|Market Cap: $25.18B|Employees: 9.9K
DTE Energy Company is a diversified energy company with utility operations primarily through DTE Electric and DTE Gas. DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity in southeastern Michigan, while DTE Gas is a public utility engaged in the purchase, storage, transportation, distribution, and sale of natural gas throughout Michigan. DTE Energy also has non-utility operations through DTE Vantage and Energy Trading.
The consolidated statements of operations show a net income attributable to DTE Energy Company of $477 million for the three months ended September 30, 2024, compared to $332 million for the same period in 2023. This represents a significant increase in profitability.
The consolidated statements of operations show that utility operations revenue increased from $1,827 million to $1,903 million, while non-utility operations revenue decreased from $1,061 million to $1,003 million for the three months ended September 30, 2024.
Interest expense for DTE Energy increased from $200 million to $252 million, and for DTE Electric, it increased from $114 million to $128 million for the three months ended September 30, 2024. This could indicate increased borrowing or higher interest rates.