DTE Energy to spend $1 billion with Michigan-based suppliers by 2015
DETROIT, May 30, 2013 /PRNewswire/ -- DTE Energy announced it will increase its commitment to the Pure Michigan Business Connect Initiative to $1 billion with Michigan-based suppliers by the end of 2015.
Announced today at the Mackinac Policy Conference, the Detroit-based energy company said the incremental $1 billion to be spent with Michigan suppliers is significantly higher than the company's original target of $750 million, and two years ahead of the original five year commitment established in 2011.
"DTE has an unwavering commitment to help improve Michigan's economy," said Gerry Anderson, DTE Energy chairman, president and CEO. "One of the most direct ways that DTE Energy can build prosperity in Michigan is to buy more from in-state suppliers. We have learned that there are more companies in Michigan that can meet our cost and quality needs than we understood…and supporting them is a great way to add high quality jobs in our communities."
Through April of 2013, DTE Energy spent $230 million with Michigan-based suppliers, compared to its $191 million target, as part of its commitment to the PMBC that began two years ago. This is 20% higher than DTE's 2013 year-to-date target.
This news follows DTE Energy's 2012 year end announcement that it spent more than $820 million with Michigan companies, exceeding the pledged target by nearly 45%.
In the summer of 2011, Gov. Rick Snyder announced the Pure Michigan Business Connect Initiative during the Detroit Regional Chamber's Mackinac Policy Conference. In response, DTE Energy pledged to shift an incremental $750 million over five years to do business with Michigan-based suppliers.
Since its launch, the Pure Michigan Business Connect Initiative has generated more than $1 billion in new Michigan contracts from 48 Michigan companies partnering with the program. Currently, more than 500 vendors have received contracts through PMBC procurement commitments and nearly 1,000 businesses have signed on to take advantage of the many available services.
"DTE has helped Barton Malow build on our experience from being known as a civil contractor to a full EPC (Engineer Procure and Construct) Contractor, increasing the quality of our work, making it a priority to build safely and finding new and innovative ways to enhance our productivity," said Barton Malow President Ryan Maibach.
DTE Energy makes significant investments to provide safe and reliable electricity and natural gas to its customers. In 2013, DTE will spend about $1.5 billion on areas including electric reliability, environmental controls, renewable energy and natural gas main replacements.
DTE Energy also has increased its spending with minority- and women-owned businesses and will pass the $200 million threshold this year, keeping its commitment to diversity.
"Our involvement with the Pure Michigan Business Connect was a direct result of our partnership with DTE Energy in addition to our memberships with both the Michigan Minority Supplier Development Council and Detroit Regional Chamber," said Louis James, president and CEO of SEEL LLC, a Detroit-based energy efficiency programming company, which has created or retained 100 jobs in Michigan through the program.
The Pure Michigan Business Connect Initiative, an $8 billion dollar public-private program, is designed to prepare and develop Michigan suppliers to provide services to companies across the state. The initiative, which is administered through an alliance with the Michigan Economic Development Corporation, also helps suppliers find new ways to raise capital, get access to a variety of business services and provides business-to-business procurement opportunities.
"Our work with Michigan suppliers proves that companies in this state can compete with anyone in the world," said Dave Meador, DTE Energy chief financial officer. "We are able to accomplish our goal of supporting Michigan businesses without compromising on cost or quality."
About DTE Energy
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 an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio also includes non-utility energy businesses focused on power and industrial projects, unconventional gas production and energy trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy
More by this Source
DTE Energy selects SolarCurrents projects
Mar 03, 2014, 13:00 ET
DTE Energy offers new, convenient bill paying option for customers at Rite Aid
Feb 18, 2014, 14:22 ET
DTE Energy announces solid 2013 financial results
Feb 14, 2014, 07:15 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.