DTE Energy, Michigan stakeholders reach clean energy settlement agreement

DTE Energy announced a settlement agreement with nearly two dozen organizations from across Michigan on the Company’s transformational CleanVision Integrated Resource Plan. This 20-year plan dramatically transforms how the Company generates electricity as part of its mission to invest in the future of Michigan, with an energy proposal that adapts to how the Company’s customers live and work today while meeting the energy demands of tomorrow. Developed over the past two years with the input of DTE‘s customers and stakeholders, this proposal continues DTE’s clean energy transition by accelerating investments in Michigan-made solar and wind energy, speeding up the retirement of coal plants, and developing new energy storage – all reinforcing DTE’s commitment to cleaner energy generated reliably and affordably. DTE Electric will surpass its previously announced carbon emission reduction goals – targeting 85% in nine years, 90% by 2040 and net zero carbon emissions by 2050. This settlement agreement, which will require approval by the Michigan Public Service Commission, was reached between DTE Electric, MPSC staff, Attorney General Dana Nessel, representatives of Michigan’s environmental community, key business and labor organizations, and energy industry associations. Reaching a settlement agreement highlights the constructive, collaborative nature with the Company’s stakeholders as it begins implementation of this transformational plan. Key details of this settlement agreement include: Investing in clean and reliable energy by: Developing more than 15,000 megawatts of Michigan-made renewable energy by 2042. This carbon-free generation is the equivalent to powering approximately 4 million homes. Accelerating the development of energy storage, targeting 780 megawatts through 2030 with a goal of more than 1,800 megawatts of storage by 2042 – reinforcing DTE’s commitment to clean and reliable energy and more than doubling current storage capacity. Ending DTE’s use of coal in 2032 with a responsible, phased retirement schedule of the Belle River and Monroe coal power plants – dramatically reducing the Company’s use of coal from 77% in 2005 to 0% in less than three decades. Through this agreement, the Company has further accelerated the full retirement of the Monroe Power Plant from 2035 to 2032. The Company will provide re-training for employees impacted by the coal plant retirements and will continue to partner with the local communities, who for years have hosted these coal-fired plants, on new economic development opportunities. Targeting 2% energy savings level from energy efficiency through 2027. Supporting increased distributed generation on the Company’s distribution system. Delivering long-term customer value by: Investing over $11 billion into the clean energy transition over the next 10 years, supporting more than 32,000 jobs in Michigan, while reducing the future cost of the plan for the Company’s customers by a projected $2.5 billion. Directing an additional $110 million to support income-qualified home energy efficiency programs, customer affordability programs and access to clean energy resources for the Company’s most vulnerable customers. Repurposing the Belle River coal-fired power plant to run on natural gas at a fraction of the cost of building a new power plant, while accelerating reductions in carbon emissions. Natural gas, and other 24/7 resources like the Company’s existing Fermi II carbon-free nuclear plant, play an important role in a diverse energy mix and will significantly reduce emissions while providing reliable and affordable energy to meet periods of high customer demand.