DTE Energy credits weather for good quarter

DTE Energy (NYSE:DTE) said April 26 that a return to normal weather helped its gas and electric utility results in the first quarter of 2013.

DTE reported first quarter 2013 earnings of $234m, or $1.34 per diluted share, compared with $156m, or $0.91 per diluted share in 2012. The majority of the increase is driven by a return to near-normal weather in the first quarter of 2013 after a record warm 2012 winter, operating cost improvements at the utilities, and solid performance from the non-utility businesses.

DTE Energy Executive Vice President and CFO David E. Meador, said that the company performed well in the first quarter and is on track to deliver on its financial and operational goals for 2013.

The company is also on track to meet Michigan’s renewable energy portfolio standards, he added. Meador deferred many long-range questions until DTE’s analyst day in New York May 1.

On the non-utility front, power and industrial projects higher due to on-site energy project portfolio acquisition and growth in renewables and other sectors.

DTE Electric (formerly Detroit Edison) conducted a 2012 refueling outage at the Fermi nuclear plant that affected company capital spending, officials said during the conference call.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.