Detroit Edison has entered into a 20-year agreement with Michigan-based Heritage Sustainable Energy to purchase wind power and renewable energy credits that will be used to help the utility meet the state's renewable portfolio standard.
The agreement is the first signed by Detroit Edison following passage last fall of a new state law that requires Michigan's electric utilities to provide 10 percent of their power from renewable resources by 2015.
"This is the first of many agreements we will be signing to provide renewable energy to our customers," said Tony Earley, chairman and CEO of DTE Energy, parent company of Detroit Edison. "Michigan's new energy law will encourage the development of renewable energy projects in the state, providing Michigan-based companies like Heritage with incredible growth opportunities today and in the future."
Heritage Sustainable Energy, which is headquartered in Traverse City, plans to install 7 - 8 large-scale wind turbines at a wind farm near Cadillac in order to fulfill its agreement with Detroit Edison. The wind turbines, which will be capable of producing about 15 megawatts of renewable energy, are expected to be operational by late 2009.
"We are very pleased and proud to be the first company awarded a contract by Detroit Edison as they strive to meet the state's renewable energy goals," said Marty Lagina, chairman of Heritage Sustainable Energy. "This agreement will enable us to expand our wind energy business, create a number of new jobs here in northern Michigan and be a part of the state's exciting energy future."
DTE Energy expects the majority of its renewable energy to come from wind resources. The company has acquired easements on more than 60,000 acres of land in Huron County in Michigan's Thumb region for development of large-scale wind farms. The company also has proposed two solar energy pilot projects that could produce about 20 megawatts of power.
To meet the state's renewable portfolio standard, Detroit Edison expects to add about 1,200 megawatts of renewable power. The company plans to contract with third-party producers, like Heritage, for half of that capacity, and plans to own renewable energy projects to meet the remainder.
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 2.2 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 power and industrial projects, coal and gas midstream, unconventional gas production and energy trading. Information about DTE Energy is available at www.dteenergy.com.
Source: DTE Energy / PRNewswire
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