The news: The Michigan Public Service Commission recommended significant changes to DTE Energy Co.'s proposed long-term integrated resource energy plan in a 3-0 vote Thursday, citing a lack of competitive bidding for such renewable energy projects as wind and solar and insufficient reasons to keep open one of its largest coal-fired power plants.
Why it matters: Critics have said DTE's plan relied too much on carbon-producing fossil fuels. The utility says it is balancing cost to its customers and reliability of the grid in its plan.
The news: Automotive technology supplier Aptiv PLC said the coronavirus outbreak in China has hurt revenue by $150 million to $200 million and operating income by $60 million to $80 million, Automotive News reported. In an SEC filing submitted Tuesday, Aptiv said it anticipates "a significant number" of production delays through February with some plants resuming operations in mid-to-late February, working to achieve full production through March.
Why it matters: The earnings release was one of the first times an auto supplier has given specific estimates of the cost of the outbreak, which has brought some parts of China to a virtual standstill, disrupting supply chains. As of late last week, nearly 75,000 people were confirmed to have contracted the disease and 2,118 had died.
The news: The city of Detroit created the Office of Arts, Culture and Entrepreneurship to grow the city's creative economy, advocate for arts and collect tax-deductible donations under a new arts fund. Rochelle Riley, the former Detroit Free Press columnist who joined the city in May, and Mayor Mike Duggan announced the citywide plan Thursday at The Platform LLC's Chroma development. It's expected to house artists when it opens in the Milwaukee Junction neighborhood.
Why it matters: While the city's general fund will support a small staff under Riley, the arts and culture office will fund its programming philanthropically. That's where the Detroit Arts Fund comes in. It will accept donations from foundations, businesses and individuals — including by asking Detroit businesses to ask customers to donate by rounding up their purchases to the next dollar.
The news: Michael Grimes, who worked as an assistant in the UAW's General Motors department, was sentenced Wednesday in U.S. District Court in Detroit to 28 months in prison for wire fraud and money laundering.
Why it matters: Grimes is among 12 people who have pleaded guilty in an ongoing federal investigation. Government prosecutors asked for a slightly shorter sentence, but U.S. District Judge Bernard A. Friedman went with 28 months to send a stronger message.
The news: The Detroit Regional Convention Facility Authority, which operates TCF Center, has purchased U.S. Treasury securities that will be held in escrow to pay off $25.15 million in outstanding debt, saving $17 million in interest over the life of the bonds. The authority purchased the U.S. Treasury securities with funds from the state's Convention Facility Development Fund.
Why it matters: The move takes advantage of historically low interest rates on government bonds to save money on existing borrowing by the authority.
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February 23, 2020 at 12:02PM
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Need to Know: DTE's power plan, coronavirus impact on auto suppliers and more from the past week - Crain's Detroit Business
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