DTE Energy CompanyDTE received the Nuclear Regulatory Commission ("NRC") approval to construct and operate a nuclear unit − Fermi Unit 3.
Per the approval, DTE Energy can build Fermi Unit 3 at the existing 1,170 megawatt-("MW") Fermi Unit 2 plant site, near Newport, MI. The new reactor will be the fifth in the U.S. to complete the NRC's combined license process.
Nuclear experts from Black & Veatch have assisted DTE Energy throughout the entire license approval process. They believe that this approval provides the company with a potential generation option to meet future electric demand.
DTE Energy generates a substantial portion of electricity from coal-fired facilities. This has required the company to invest in clean energy sources, in order to diversify its generation portfolio and conform to the increasingly stringent environmental regulations in the U.S.
Apart from nuclear energy, the company is also focused on renewable energy generation. At the end of 2014, the company had around 1,000 MW owned or contracted renewable energy generation, which consisted primarily of wind turbines. Last year, the company brought online its Echo Wind Park having a green power generation capacity of 112 megawatt. The company plans to invest $450 million in 2015 in renewable energy and generation projects. These initiatives will take DTE Energy a step closer to meeting its own and Michigan's renewable goal of 10% by 2015.
DTE Energy currently has a Zacks Rank #2 (Buy). Other favorably placed stocks in the power sector are Alliant Energy Corporation LNT , CMS Energy Corp. CMS and PG&E Corporation PCG , each carrying a Zacks Rank #2.
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