DTK · DTE Energy Company 2025 Series

DTE Energy’s Q1 2026 results reflect disciplined execution amid strategic shifts, with operating earnings of $407 million ($1.95 per diluted share), down $29 million year-over-year, primarily driven by a $59 million decline in Energy Trading (from $34 million to $(25) million) and a $54 million swing in Corporate & Other (from $10 million to $(44) million), partially offset by a $71 million increase in DTE Electric operating earnings to $218 million. Management attributed the DTE Electric improvement to colder weather, rate implementation, and favorable tax timing — though partially offset by higher storm expenses and rate base costs. The Energy Trading variance reflects expected timing in the power portfolio, with full-year guidance reaffirmed. Notably, DTE confirmed its 2026 operating EPS guidance of $7.59–$7.73, signaling 6%–8% growth over the 2025 guidance midpoint, and expressed strong confidence in achieving the high end due to favorability from renewable natural gas (RNG) tax credits at DTE Vantage. A pivotal development was the execution of a binding agreement to serve Google’s 1 GW data center in Van Buren Township, with contracts submitted to the Michigan Public Service Commission (MPSC). Under the arrangement, Google assumes full responsibility for all infrastructure costs — including new generation, storage, transmission, and distribution — and pays minimum monthly charges under a 20-year power supply agreement. This structure is designed to protect existing customers: by adding large-scale load, fixed grid costs are shared more broadly, generating an estimated $1.7 billion in affordability benefits over the contract’s life. The agreement also includes termination fees, credit requirements, and collateral provisions to safeguard ratepayers. With Oracle’s 1.4 GW data center already approved and construction underway, and an additional ~5 GW pipeline under discussion, DTE expects these opportunities to support its $11 billion five-year distribution investment plan, potentially delay future rate cases, and drive up to $5 billion in incremental capital investment through 2032 — subject to final resource selection via the upcoming 2026 Integrated Resource Plan filing. Collectively, these developments reinforce DTE’s dual focus on reliability modernization and long-term affordability, underpinned by a solid regulatory framework and investment-grade credit profile.