Company Overview of DTE Gas Company
DTE Gas Company, a natural gas utility, engages in the purchase, storage, transmission, gathering, distribution, and sale of natural gas in Michigan. It provides gas delivery services to producers, brokers, and other gas companies that own the natural gas; and utilize the company’s gathering and high-pressure transmission system to transport the gas to storage fields, processing plants, pipeline interconnections, or other locations. The company also offers natural gas storage, appliance maintenance, facility development, and other energy-related services. Its distribution system includes approximately 19,000 miles of distribution mains, 1,173,000 service pipelines, and 1,309,000 active meter...
One Energy Plaza
Detroit, MI 48226-1279
Founded in 1898
Key Executives for DTE Gas Company
President and Chief Operating Officer
Chairman of DTE Energy Company
Corporate Secretary and Director
Compensation as of Fiscal Year 2012.
DTE Gas Company Key Developments
DTE Gas Company Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013
May 7 13
DTE Gas Company reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported operating revenues of $594 million against $501 million a year ago. Operating income was $157 million against $90 million a year ago. Income before income taxes was $145 million against $78 million a year ago. Net income was $94 million against $51 million a year ago. Net cash from operating activities was $183 million against $212 million a year ago. Plant and equipment expenditures were $53 million against $46 million a year ago.
Michigan Public Service Commission Approves DTE Gas Company's Expanded Natural Gas Main Replacement Program
Apr 17 13
Michigan Public Service Commission has approved an expanded gas main replacement program (MRP) and a pipeline integrity (PI) program, and the recovery of the costs of those programs, as well as the ongoing meter move out (MMO) program, through an infrastructure recovery mechanism (IRM) for DTE Gas Company. The utility on April 20, 2012 filed an application with the MPSC seeking authority to increase base utility rates. The commission approved a partial settlement in that case on Dec. 21, 2012, authorizing a rate increase of $19.9 million, which became effective Jan. 1. The issue involving the utility's proposed infrastructure recovery mechanism was not part of the settlement. In the current order the MPSC approved the utility's proposed plan to expand its MRP from 33 to 66 miles of main replacement per year; continue its meter move-out program, and its pipeline integrity program designed to comply with state and federal safety standards. The Commission approved an IRM to recover the capital investments in the expanded MRP ($46.9 million per year); the meter move out program ($22.7 million per year), and costs associated with the PI program ($7.82 million per year). As a result, a residential customer using 100 ccf of natural gas per month will see an increase of 27 cents on their monthly bill beginning in May.
DTE Gas Company Enters into Second Amended and Restated Five-Year Unsecured Revolving Credit Agreement
Apr 9 13
On April 5, 2013, DTE Gas Company entered into a second amended and restated five-year unsecured revolving credit agreement by and among DTE Gas, the lenders party thereto, JPMorgan, as Administrative Agent, and Barclays, Citibank and Bank of America, N.A. as Co-Syndication Agents. DTE Gas’ aggregate availability under the five-year facility is $300,000,000. Borrowings under the five-year facility will be available at prevailing short-term interest rates. The five-year facility will also support DTE Gas’ commercial paper borrowings. The five-year facility expires in April 2018 and requires the maintenance of a debt to capitalization ratio of no more than 0.65 to 1. Effective April 5, 2013, DTE Gas terminated the Amended and Restated Five-Year Credit Agreement dated as of October 21, 2011, by and among DTE Gas the lenders party thereto and JP Morgan, as Administrative Agent. DTE Gas terminated these credit facilities because they have been replaced with the new DTE Gas five-year credit facility, dated as of April 5, 2013.
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