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DTE Approved for 20 MW Wind Purchase

DTE Energy (NYSE: DTE  ) announced today that Michigan regulators have approved the utility's request to purchase 20 MW of wind power from privately held producer Heritage Sustainable Energy.

According to the contract, DTE has agreed to buy up wind from a 2,800-acre farm expected to come online in late 2014. The utility has entered into a 20-year power purchase agreement, a common way for renewable-energy producers and regulated utilities to settle on a long-term rate that works for both corporations.

DTE's wind farm will vary from others because of its Michigan sourcing. Rather than buy turbines from larger manufacturers such as General Electric, all turbines will be supplied by local company Ventower Industries, and at least 50% of the overall farm will use "Michigan content."

According to DTE, this latest decision comes as part of the company's larger strategy to expand its renewables footprint. With this contract, DTE is 0.2 percentage points away from reaching Michigan's renewable-energy goal of 10% renewable capacity by 2015.

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9/30/2016 4:02 PM
DTE $93.67 Up +0.62 +0.67%
DTE Energy CAPS Rating: *****