Feb. 14--DTE Energy on Friday announced strong earnings for 2013 that enabled the utility to give ratepayers some relief this year.
The company reported earning $661 million last year, or $3.76 per share, up from the 2012 earnings of $610 million, or $3.55 per share.
In a statement, Chairman and CEO Gerard Anderson called 2013 a successful year and said that cost reductions, lower fuel supply costs and cheaper wind-power generation allowed DTE to lower residential electric rates by about 6.5% this January.
The average residential customer should see a savings of about $80 by year's end. Business customer rates will drop by 5.5% to 7.4% this year, depending on the customer's level of service.
DTE Energy anticipates getting 9.6% of its power from renewable energy sources once the 70-turbine Echo Wind Park in Huron County is fully online later in the year, the company said. That is up from 8% in late 2012.
Spokesman Scott Simons said nearly all of DTE's renewable power comes from the wind.
The Echo Wind Park project experienced a setback last fall when a giant blade broke off. Thirty-four of its turbines are currently operating, but crews need to replace an unspecified number of other turbines based on the recommendation of their manufacturer, GE.
Under a 2008 state law, 10% of electricity in Michigan must come from renewable sources by 2015.
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