2023-07-12 09:57:23 ET
DTE Energy ( NYSE: DTE ) said Wednesday it entered into a settlement with nearly two dozen organizations in Michigan on its CleanVision Integrated Resource Plan that ends the utility's use of coal in 2032 while developing renewables to power ~4M Michigan homes.
The agreement calls for retiring the Monroe Power Plant, one of the largest U.S. coal-fired power plants, three years sooner than first proposed, which will bring the company's use of coal from 77% in 2005 to zero by 2032.
The move would allow DTE ( DTE ) to achieve an 85% reduction in carbon emissions by 2032, advancing the goal of net zero carbon emissions by 2050.
The agreement also includes the repurposing of the Belle River coal-fired power plant to run on natural gas at a fraction of the cost of building a new power plant.
DTE ( DTE ) also said the agreement, which must be approved by the Michigan Public Service Commission, projects $2.5B in reduced future costs to customers.
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For further details see:
DTE Energy to shut last coal plant three years early in clean energy settlement