DTK · DTE Energy Company 2025 Series

DTE Energy's investor presentation ahead of May 17-19, 2026 meetings highlights 2026 operating EPS guidance implying 6%-8% growth over 2025 midpoint, with confidence in achieving the high end driven by RNG tax credits at DTE Vantage. Segment guidance includes DTE Electric at $1,340-$1,360 million, DTE Gas $315-$325 million, DTE Vantage $180-$190 million, Energy Trading $50-$60 million, and Corporate & Other ($310)-($300) million. Key drivers include advancing data center load: the 1.4 GW Oracle project is MPSC-approved with construction started, ramping over 2-3 years supported by existing capacity and $2 billion in storage; the 1 GW Google agreement, filed for approval, ramps by 2028 with up to 1,600 MW renewables, 480 MW storage, backed by 20-year contracts with minimum charges and protections. These yield major affordability benefits—$300 million annually from Oracle and $1.7 billion lifetime from Google—potentially delaying rate cases. Reliability gains show ~90% outage duration improvement 2023-2025, with 2026 storms restoring nearly all customers in 48 hours, fueled by $11 billion 5-year distribution capex targeting 30% fewer outages and halved duration by 2029. A $36.5 billion 5-year capital plan, $3.5 billion increase for data centers/generation, is funded via $500-$600 million annual equity issuances 2026-2028, maintaining BBB/Baa2/BBB ratings and ~15% FFO/Debt. Long-term 6%-8% EPS growth through 2030 positions for upside from ~5 GW pipeline, with IRP filings to solidify generation needs.