DTE Energy exceeding commitments under the Pure Michigan procurement initiative
DETROIT, May 24, 2012 /PRNewswire/ -- DTE Energy said today that it spent $239 million with Michigan based suppliers through April 2012 as part of its commitment to the Pure Michigan procurement initiative; this is 24 percent higher than its 2012 year-to-date target and 35 percent higher than the same period in 2011. This follows DTE Energy's 2011 Michigan-based expenditures of nearly $600 million, which exceeded the company's year-end pledged target by over 13 percent.
"DTE Energy's commitment to the Pure Michigan procurement initiative is one way in which we put into action our aspiration to be an engine for growth in the communities that we serve and help fuel Michigan's economic recovery," said Gerry Anderson, DTE Energy Chairman, President and CEO.
In 2011, DTE Energy pledged to shift an incremental $750 million over five years to do business with Michigan based suppliers, as part of this initiative. Announced last summer at the Detroit Regional Chamber's Mackinac Policy Conference by Gov. Rick Snyder, the $8 billion dollar public-private program is designed to prepare and develop Michigan suppliers to provide services to companies across the state.
Pure Michigan Business Connect Initiative, which is administered through an alliance with the Michigan Economic Development Corporation (MEDC), also helps companies find new ways to raise capital, get access to a variety of business services and provides business-to-business procurement opportunities.
As one of the initial seven participants in the program, DTE Energy has closed deals with Michigan-based suppliers specializing in many areas, such as construction, maintenance, engineering, energy optimization, renewable energy, natural gas storage, and IT consulting services.
"We believe that Michigan companies can compete with anyone," said DTE Energy CFO Dave Meador. "Doing business with strong third-party contractors that deliver quality products is not only good for DTE Energy, it's just good business."
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include Detroit Edison, an electric utility serving 2.1 million customers in Southeastern Michigan; MichCon, a natural gas utility serving 1.2 million customers in Michigan; and other non-utility energy businesses focused on gas storage and pipelines, unconventional gas production, power and industrial projects, and energy trading.
SOURCE DTE Energy