DTE Energy, Consumers Energy announce acceleration of clean energy production
Michigan-based DTE Energy and Consumers Energy have announced their plans to ramp up their clean energy production, with a 50 percent goal by 2030.
Going green and environment-friendly has become the trend among leading companies in various industries, and the latest to join the revolution is DTE Energy and Consumers Energy. Recent announcements made by the two energy providers have also made them a target by socially responsible investors looking for the next big addition to their portfolio.
Consumers Energy and DTE Energy have announced that are speeding up the process for the local production of cleaner energy in Michigan, with the goal of 50 percent clean energy by 2030. A renewable energy investment of not less than 25 percent and the remaining investments for energy efficiency will contribute to the progression towards the target.
DTE Energy and Consumers Energy have made plans before as they considered implementing a limit to their carbon emissions, an 80 percent decrease within the next decade, to be specific. Their recent announcements coincide with Michigan’s bipartisan energy law, so both companies are getting leverage early on.
Gerry Anderson and Patti Pope, respective CEOs of DTE Energy and Consumers Energy, expressed their gratitude for the state’s support in their endeavors via a shared statement. They added, “We will continue to work within the framework put forward by our legislature and regulators to build on our environmental initiatives to benefit all residents of the state.”
The Michigan-based companies have positioned themselves as industry leaders in producing clean energy. In the past years, they have refrained from using coal plants and increased their output through wind and solar plants instead. If investors are looking for environment-friendly companies to place funds on, then DTE Energy and Consumers Energy are worth considering.
DTE Energy might benefit the most out of the recent announcement. According to Nasdaq, its shares have dropped by 2.5 percent since last month’s earnings report. During the first quarter of 2018, the company reduced its natural gas prices, which is one of the main reasons behind the drop in shares. But despite the situation, it managed to earn $342 million during the same period, which is substantially higher than its $322 million net income back in 2017’s first quarter.
The tides could change in the next quarter or so because the company has taken extra steps in providing clean energy. Sustainable, responsible, and impact investing (SRI) considers environment-friendly companies heavily through the environmental, social and corporate governance (ESG) criteria, which measures a company’s competitive financial returns and positive societal impact. And with their plans, the two energy providers are set to score high in the ESG criteria.
Adding these two companies to an investment portfolio is a great plan as the volatility are low. Additionally, there is always a place for companies focusing on the production of clean and alternative energy, and as such, DTE Energy and Consumers Energy will stay strong in the coming years.
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