Power Finance & Risk is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
NewsProject Finance

DTE preps coal exit and $10bn renewables push

Detroit, Michigan, USA - December 26, 2021: DTE headquarters in Detroit, MI, USA.

DTE Energy has entered into a settlement agreement with 21 organizations from Detroit that will see the utility exit its coal-fired plants and invest $10 billion into the clean energy transition in Michigan by 2033.

DTE Energy estimates the plan, ClearVision Integrated Resource Plan (IRP), will save customers $2.5 billion and the company's green energy goals are to develop 15GW of renewable energy and 1.8GW of storage by 2042.

“Our CleanVision Integrated Resource Plan will end our use of coal in 2032 while developing enough Michigan-made renewables to power approximately 4 million homes,” said Jerry Norcia, chairman and chief executive officer, DTE Energy.

“We are also proud this plan puts our customers first by reducing the future costs of our clean energy transformation by $2.5 billion, while reliably generating cleaner, affordable energy now, and for generations to come.”

The agreement speeds up the retirement date for its coal-fired power plants, including the Monroe Power Plant's Units 3 and 4, a 1.5GW plants on Lake Eire, to 2032. Units 1 and 2, also 1.5GW, will be retired by 2035.

The IRP stated DTE Energy will also repurpose its Belle River coal plant to natural gas between 2026 and 2028.

The Michigan Public Service Commission (MPSC) received the request for approval in November 2022 and dealt with months of negotiation before the agreement was reached.