DTB DTE Energy Company 2020 Series

The Michigan Public Service Commission (MPSC) failed to approve DTE Energy's power contracts for the Oracle and Open AI data center by the utility's December 5th deadline, despite DTE's warning of project cancellation if not met. DTE declined to comment on the project's status post-deadline, while the MPSC cited that cases are added to the agenda when "ripe for a decision." This inaction has caused further controversy around the massive $7 billion data center project, which faces significant public opposition and calls for a contested case due to concerns about energy costs, environmental impact, and transparency.

DTE Energy (NYSE: DTE) has announced the Board of Directors for DT Midstream, the new independent, publicly traded company resulting from the spin-off of DTE Energy’s non-utility natural gas pipeline, storage, and gathering business, expected in July 2021. The seven-director board, including five independent directors, is comprised of highly qualified and diverse individuals with extensive experience in energy, midstream, finance, and regulatory affairs. DT Midstream has also filed its Form 10 registration statement with the SEC in connection with the planned spin-off.

DTE Energy has named Joi Harris as the company's first female President and CEO, effective September 8. Harris, who has been with DTE for 34 years, currently serves as president and chief operating officer and succeeds Jerry Norcia, who will transition to executive chair of the board. She is known for modernizing infrastructure and leading significant projects, including a $1 billion plant in St. Clair County.

The U.S. government is seeking a $140 million civil penalty against DTE Energy and its subsidiaries in a Clean Air Act lawsuit concerning air pollution from Zug Island. An expert witness testified that DTE Energy can afford the penalty without undue financial hardship, citing the utility's significant economic benefits from non-compliance. The lawsuit focuses on sulfur dioxide emissions from EES Coke Battery, a DTE subsidiary, and DTE's corporate control over its operations.

This article analyzes the fair value of DTE Energy Company (NYSE:DTE) using a Dividend Discount Model, estimating a fair value of US$131 per share. The current share price of US$136 suggests the stock is trading close to its fair value, though analysts have a higher target. The analysis also briefly touches on DTE Energy's strengths, weaknesses, opportunities, and threats.

DTE Energy Company announced the pricing of its offering of $600 million aggregate principal amount 2025 Series H 6.25% Junior Subordinated Debentures due October 1, 2085. The proceeds will be used for repayment of short-term borrowings and general corporate purposes. BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.