DTE Energy issued or refinanced $2 billion of debt in last 18 months

By Lisa Kerner

Charlotte, N.C., July 27 - DTE Energy Co. ended the second quarter with strong liquidity of $1.9 billion, vice president and treasurer Nick Khouri said during the company's earnings call on Friday.

During the last 18 months, DTE Energy issued or refinanced about $2 billion of long-term debt, Khouri said.

A series of credit improvements in 2012 resulted in Moody's Investors Service raising its outlook to positive and Fitch Ratings upgrading subsidiaries Detroit Edison Co. and Michigan Consolidated Gas Co.

DTE Energy is on track to issue $300 million of new equity in 2012 through employee compensation, dividend reinvestment and pension contributions, according to Khouri, and the company is also on track to hit its leverage and cash flow ranges.

Cash flow from operations was $1.2 billion for the first six months of the year and should hit DTE Energy's target of $1.9 billion by year's end, said Khouri.

DTE Energy also reported second-quarter earnings of $146 million, or $0.86 per diluted share, compared with $202 million, or $1.19 per diluted share, in the same quarter of 2011.

Detroit-based DTE Energy is an energy and energy technology provider for residential and commercial electric and natural gas.

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