July 25 (Reuters) - U.S. electric and gas utility DTE
Energy Co ( DTE ) beat second-quarter profit estimates on
Thursday as electricity demand rose during the summer months.
Extreme heat and higher supply rates boosted earnings at the
company's electric unit by 56.7% to $279 million in the June-end
quarter.
Strength in the segment, which serves 2.3 million customers
in Southeast Michigan, helped combat weakness in the company's
natural gas and non-utility units.
"DTE's solid financial performance allows us to keep
investing to improve how we produce and deliver energy for
customers," CFO David Ruud said.
The company plans to invest more than $4 billion this year
to upgrade its electric and gas grids, and has already shelled
out more than $2 billion during the first half of the year.
DTE posted operating earnings of $1.43 per share in the
second quarter, above analysts' average estimate of $1.21,
according to LSEG data.
(Reporting by Mrinalika Roy in Bengaluru)