MACKINAC ISLAND, Mich. (AP) — Michigan’s two largest electric utilities have agreed to spend a combined $15 billion on goods and services from Michigan-based companies over the next five years.

DTE and Consumers Energy each will spend $1.5 billion with in-state suppliers annually through 2024.

The agreement was announced Thursday during the Detroit Regional Chamber’s annual policy conference on Mackinac Island.

It includes a commitment to deal with a more diverse group of suppliers, including businesses more than half-owned by racial minorities, women, military veterans or people who are LGBTQ.

Lt. Gov. Garlin Gilchrist said the agreement was supported by the Michigan Economic Development Corp.’s Pure Michigan Business Connect initiative.

The program connects small to medium-sized Michigan suppliers with local, national and global purchasers to explore new business opportunities.