Latest News

DTE Energy's quarterly profits rise on the strength of its gas and energy trading

DTE Energy announced increased first-quarter profits on Thursday. This was aided in part by its strength in the gas and energy trading segment. It also said it expects tariff impacts to be manageable.

DTE's $30 billion capital spending plan is expected to have a limited impact. The power industry has been bracing itself for potential tariff costs as a result of the U.S.-Canada trade war.

DTE Energy has partnered with GM, Ford, and BMW in order to increase the use of renewable energy in Michigan. It also said that it has a margin risk between 3% and 4% due to auto tariffs.

Detroit-based Gas segment posted a profit in the first quarter of $206 million, up from $160 million for the same period last year.

Energy trading's profit increased to $67m during the three-month period ended March 31 from $1m last year. This was due to a 13.4% increase in U.S. Natural Gas prices.

The electric segment saw a 28% drop in profit due to high costs. The company is still seeing strong demand for its products from data centers.

Data center conversations continue. On a conference phone, a company executive stated that there has been no slowdown.

The company's quarterly net income increased to $445m, or $2.14 a share, up from $313m, or $1.51 a share, one year ago. (Reporting and editing by Katha Kaalia in Bengaluru, Leroy Leo, and Vijay Kishore).

(source: Reuters)