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Michigan imports all coal and nuclear fuel (uranium), and 82% of natural gas. A goal to produce over 10% of electricity from in-state renewable sources was set in 2015. Major electric companies in Michigan include DTE Electric Company (11,000 MW) and Consumers Energy (9,000 MW). [3]
Michigan's requirement for 10 percent renewable energy by 2015 has led to increased alternative development in the state since this law was passed in 2008. A ballot initiative requiring 25% by 2025 failed in 2012. [5] The development of alternative energy sources has stimulated new businesses and employment.
Ford Motor Company and DTE Energy built the largest solar plant in the state, a 1.04 MW solar car port at Ford's world headquarters in Dearborn, Michigan in 2015. [ 10 ] [ 11 ] In 2015, DTE built a 1.1 MW solar farm at Domino's Farms near Ann Arbor, slightly larger than the Ford carport. [ 12 ]
In 2021, the renewable energy space remained resilient. For example, according to consulting juggernaut Deloitte: “Wind and 7 of the Best Clean Energy Stocks for 2022 to Buy Now
Although that point in time is still decades away, Straits Research believes this continued progress will grow the renewable energy industry's revenue at an average pace of 9.5% through 2033 ...
Energy stocks are having a solid year. Energy demand should continue growing in 2025 and beyond. This means several energy stocks still look like compelling long-term investments as we close out 2024.