United StatesPolicy & Geopolitics
DOE Closes USD 1.6 Billion Loan to DTE Gas for Michigan Infrastructure
The Department of Energy's Office of Energy Dominance Financing closed a USD 1.6 billion loan to DTE Gas Company to reduce electricity costs in Michigan and upgrade natural gas infrastructure, according to the Department of Energy.
The department projects the financing will yield more than USD 700 million in savings for millions of customers across the state, and attributes the loan to what it calls President Trump's Working Families Tax Cut.
Under the project, roughly 800 miles of distribution mains and service lines will be modernized and strengthened, the department said.
The work also covers a rebuild of an existing compressor station, which lets DTE Gas store natural gas when demand is low and cuts the price Michigan customers pay at peak periods, according to the department.
Secretary Wright said the loan would lower energy costs, create jobs and increase grid reliability for the people of Michigan.
Source: energy.gov (opens in a new tab)1 sourcePermalink