DTE Energy posts fall in fourth-quarter profit on lower rates

DTE Energy

13/02/2025 12:37

Feb 13 (Reuters) - DTE Energy  DTE.N  reported a fall in
fourth-quarter profit on Thursday, as the utility took a hit
from lower pricing for electricity.
    Regulated utilities use rate-case proceedings to determine
the amount customers need to pay for electricity and natural
gas. DTE had filed one such rate case to help reduce the cost of
producing electricity.
    The utility said it saved about $300 million in fuel and
transportation costs after the rate case came into effect in
November, but it also reduced the electricity rates for
residential customers by roughly $5 a month.
    DTE provides electricity to 2.3 million customers in
Southeast Michigan and natural gas to 1.3 million customers in
Michigan.
    At the company's electric segment - its largest by income
-operating earnings fell to $195 million during the
October-December quarter from $244 million a year earlier.
    Meanwhile, operating earnings from its natural gas segment
remained flat year-over-year. 
    DTE said it expects 2025 operating earnings to be in the
range of $7.09 to $7.23 per share, the midpoint of which is
below analysts' estimate of $7.20 according to data compiled by
LSEG.
    The utility's net income fell to $292 million, or $1.41 per
share, for the quarter ended December 31, from $419 million, or
$2.02 per share, a year earlier.

 (Reporting by Vallari Srivastava and Pooja Menon in Bengaluru;
Editing by Krishna Chandra Eluri)
 ((Pooja.Menon@thomsonreuters.com;))