DETROIT, Dec. 20, 2013 /PRNewswire/ -- DTE Energy is lowering electric rates by approximately 6.5 percent for its residential electric customers in 2014, due to lower fuel supply costs and on-going efforts to reduce the company's cost structure.
The average residential electric customer will see an annual savings of about $80. Business customer rates will decline by 5.5 – 7.4 percent, depending on their level of service.
In addition to lower fuel costs, the cost of providing energy from wind has also improved. The lower cost of wind power is due to the declining costs to build our wind parks and higher output from those parks.
DTE's plan calls for an overall reduction of all customer rates – both residential and business – of nearly $300 million a year.
"We are working hard to keep energy costs down for Michigan customers, and are pleased to offer this plan that will save customers money on their bills," said Gerry Anderson, DTE Energy chairman, president and CEO. "We're pleased that the commission approved this plan, which has been made possible by the continued efforts and hard work of our employees to find savings by using continuous improvement, streamlining processes, controlling operating costs and deploying improved technologies."
The plan was reviewed and approved by the Michigan Public Service Commission.
Anderson said the company is very focused on the need to keep electric service affordable. As Michigan's largest electricity supplier and the largest investor in renewable energy in the state, DTE has led its peer electric utilities in controlling operating costs. Between 2007 and 2012, for example, DTE Energy saw zero increase in its operating costs, compared with an average cost increase of 33 percent at its peer electric companies over the same period.
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include DTE Electric, an electric utility serving 2.1 million customers in Southeastern Michigan, DTE Gas, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on gas storage and pipelines, power and industrial projects, and energy trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy