Dte Energy Co 8-K, filed May 11, 2020
Dte Energy Co (DTE)
8-K
2020-05-11
For: 2020-05-11
View Original
Added on
April 10, 2026
About this 8-K
Dte Energy Co filed this 8-K on May 11, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 11, 2020
Commission File Number: 1-11607
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |
Commission File Number: 1-2198
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |
Registrants address of principal executive offices: One Energy Plaza , Detroit , Michigan 48226-1279
Registrants telephone number, including area code: (313 ) 235-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On May 8, 2020, the Michigan Public Service Commission (MPSC) issued an order in DTE Electric Company's (DTE Electric) rate case No. U-20561. The full text of the order (Case No. U-20561) is available on the MPSC's website (http://mi-psc.force.com/s/). DTE Electric is a wholly-owned subsidiary of DTE Energy Company (DTE Energy).
On May 11, 2020, DTE Energy will post a summary and discussion of the order in the DTE Electric rate case to the DTE Energy website at www.dteenergy.com. The summary is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Forward-Looking Statements:
This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the “Forward-Looking Statements” section in DTE Energy's and DTE Electric Company's (DTE Electric) 2019 Form 10-K and 2020 Form 10-Q (which sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
Date: May 11, 2020 | |
DTE ENERGY COMPANY (Registrant) | |
/s/Camilo Serna Camilo Serna Vice President - Regulatory Affairs | |
DTE ELECTRIC COMPANY (Registrant) | |
/s/Camilo Serna Camilo Serna Vice President - Regulatory Affairs | |
Exhibit 99.1 Summary of DTE Electric Company Rate Order (Case U-20561) May 11, 2020 On May 8, 2020, the Michigan Public Service Commission (“Commission” or “MPSC”) issued an order in DTE Electric’s (“DTE Electric”) rate case. This document provides a summary of the Commission’s order. The Commission’s full order is available on the MPSC’s website (mi- psc.force.com) under case number U-20561. The MPSC order authorized DTE Electric to raise base rates by $188.3 million and approved a return on equity (“ROE”) of 9.9%. The Commission directed DTE Electric to implement rate changes for service rendered on and after May 15, 2020. DTE Electric filed an application on July 8, 2019 with supporting direct testimony and exhibits initially seeking a general rate increase of approximately $351 million based on a projected twelve-month test period ending April 30, 2021. The need for the rate increase was driven primarily by capital investments since the last general rate case to replace aging distribution system infrastructure and to invest in long-term generation assets, lower sales, inflation and working capital increases due primarily to changes in retiree benefit costs. Reconciliation of MPSC’s final order from the DTE Electric’s request Amount Item ($ millions) Description DTE Electric Filed $351 Revenue requirement Capital Structure Costs (63) Primarily ROE 9.9% vs 10.5% Rate Base (42) IT, Fossil Generation, Distribution Operations Incentive Compensation O&M (28) O&M (19) Primarily inflation Other (11) MPSC Order $188
Exhibit 99.1 Summary of Key Components of the MPSC Order Return on Equity / Capital Structure Authorized a Return on Equity (“ROE”) of 9.9%. DTE Electric supported an ROE of 10.5%. A permanent equity / debt capital structure was approved at 50%/50%. Total Rate Base Approved a projected total rate base of $17.885 billion1, including net plant ($16.513 billion) and working capital ($1.372 billion). The approved rate base amount included in final rates was approximately 1.6% (approximately $282 million) different than DTE Electric’s amount of $18.167 billion. Sales Load Forecast Adopted DTE Electric’s service area sales forecast of 46,007 GWh for the projected period (41,307 bundled; 4,700 choice). Tree Trim Approved an extension of the tree trim surge through 2022. DTE Energy DTE respects the decision of the Commission and its support of our efforts to modernize the electric infrastructure within our service territory. For further information, please contact Barbara Tuckfield, DTE Energy, 313.235.1018 or John Dermody, DTE Energy, 313.235.8750. 1 Excludes renewables rate base which is recovered in a separate surcharge