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News

News

Midway through the year our financial performance is on track

DTE Energy released second quarter earnings results and the news is positive - we are on track to realize our goals for the year. While second quarter earnings are down from the prior year, the variance is primarily due to record-setting temperatures last spring which boosted our electric results.

The company reported second quarter 2013 operating earnings of $0.62 per share versus $0.87 per share for the same quarter last year. Our electric business contributed $0.51, our gas business came in at $0.05 per share, and our non-utility businesses, combined, earned $0.14 per share. Corporate and Other recorded a loss of $0.08. "I am pleased with our year-to-date financial performance, and we are on track to achieve our 2013 goals," said company Chairman, President and CEO Gerry Anderson. "I am also very proud of the ongoing dedication of our employees to our continuous improvement effort and the positive impact it has on customer service and rate affordability."

Anderson said that customers can expect to see a reduction in their monthly bills from the amended renewable energy plan our company recently filed with the Michigan Public Service Commission. "When this plan is approved, residential and business customer's rates will be reduced by almost $90 million per year because we have found ways to improve the economics of wind turbines installed in recent years."