DETROIT (WWJ) – The cost of leaving the lights on and the space heater running is about to go down — just a bit.
DTE Energy has announced it’s lowering electric rates in 2014, and the average homeowner is expected to save about $80 annually. Business customer rates will decline by 5.5 to 7.4 percent, depending on their level of service.
DTE says it is cutting rates because of lower fuel supply costs and ongoing efforts to cut the company’s cost structure. All totaled, residents and businesses are expected to see their rates cut by nearly $300 million a year.
“We are working hard to keep energy costs down for Michigan customers, and are pleased to offer this plan that will save customers money on their bills,” said Gerry Anderson, DTE Energy chairman, president and CEO, in a statement. “We’re pleased that the commission approved this plan, which has been made possible by the continued efforts and hard work of our employees to find savings by using continuous improvement, streamlining processes, controlling operating costs and deploying improved technologies.”
The utility’s plan was reviewed and approved by the Michigan Public Service Commission.