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Additionally, under an agreement with a climate action lobbying group, Clean Energy, Healthy Michigan, DTEE agreed to provide 25% generation from renewable sources with another 25% from energy efficiency by 2030.
Solid Utility Operating Performance: Fitch forecasts strong credit metrics at DTEE consistent with the current 'A-'rating through the forecast period.
Parent/subsidiary linkage: There is strong rating linkage between the IDRs of DTE Energy and its electric utility subsidiary DTEE. DTEE remains the primary driver of earnings and cash flow to support parent-level dividends.
DTE's letter of credit and revolving credit facilities mature from 2019-2022 and include $1.4 billion at DTE, $400 million at DTEE and $300 million at DTE Gas.
DTEE's rating reflects Fitch's expectations of stable earnings and cash flows from the regulated utility operations, a constructive regulatory environment in Michigan and solid credit metrics.
Fitch forecasts strong credit metrics at DTEE consistent with the current 'A-' rating through the forecast period.
Michigan 2017 Electric Rate Case: On April 18, 2018, DTEE received a rate increase of $65 million based on an above average 10% authorized ROE and a 36.84% regulatory capital structure.
Fitch assumes future equity support from the parent will maintain DTEE's balanced capital structure.
The credit profile of DTEE compares favorably to peers Consumers Energy Co (Consumers, A-/Stable), Northern States Power Co - Wisconsin (NSP, A-/Stable) and Pacificorp (PPW; A-/Stable).
Given the linkage between DTEE and DTE, Fitch expects to revise the Rating Outlook of DTEE concurrently with any outlook revision for DTE.
Future delays to completion of the NEXUS pipeline or other unanticipated adverse events could lead to future credit rating downgrades at DTE and DTEE.
DTE's ratings and Negative Rating Outlook reflect the strong credit quality of its two regulated utility subsidiaries, DTEE and DTEG, which are supported by a constructive regulatory environment in Michigan.
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