DTE Energy is more than halfway to its renewable energy goal with a contract to purchase 120 megawatts (MW) from a wind farm in Tuscola, Bay and Saginaw counties.
The Michigan Public Service Commission approved the $485 million contract with Tuscola Bay Wind, a subsidiary of NextEra Energy Resources. The company also selected General Electric to provide the nearly 70 wind turbines to be sited at the wind farms, which will total about 110 MW. Initial delivery of the wind turbines is expected next summer.
DTE Energy will purchase all of the energy produced at the 9,000-acre wind farm, which is enough to power more than 30,000 homes. The wind farm is expected to be operational late next year.
DTE Energy (NYSE:DTE) has a potential upside of 2.1% based on a current price of $49.45 and an average consensus analyst price target of $50.5.
DTE Energy is currently above its 50-day moving average (MA) of $49.17 and above its 200-day of $48.14. In the last five trading sessions, the 50-day MA has remained constant while the 200-day MA has remained constant.
DTE Energy Company, a diversified energy company, develops and manages energy-related businesses and services nationwide. The Company, through its subsidiaries, generates, purchases, transmits, distributes, and sells electric energy in southeastern Michigan. DTE is also involved in gas pipelines and storage, unconventional gas exploration, development, and production.
By José Santamarta, www.dteenergy.com/