DTE Energy Co. - 4.375% DB REDEEM 01/12/2081 USD 25

Strong long-term growth outlook (new utility capex plan + data centers) - 2026 operating EPS guidance: $6%–$8% growth vs. 2025 midpoint; company is positioned to hit the high end. - Long-term updated outlook (post-Vantage): Operating EPS CAGR >9% through 2031, with >9% CAGR in 2028–2029 and ≥9% in 2030–2031. - Plan framework: growth is anchored from a 2027 pro forma operating EPS baseline of $7.59–$7.73 (normalizes accounting/timing assuming the Vantage close at end of 2026, even though actual close expected 1H 2027). The $7.66 midpoint remains the baseline.

Data-center agreements drive affordability + rate-case “stay out” - Approved load contracts: Google 1.0 GW approved by MPSC (Oct); Oracle 1.4 GW approved last year; both include customer protections intended to prevent shifting costs to existing customers. - Affordability mechanism: spreading system fixed costs across a larger electric sales base to keep bills more affordable. - Rate-case timing: contracts create an opportunity to delay the next electric rate case filing; management expects to stay out at least through 2028 (Oracle) and potentially extend further (Google). - Pipeline: ~5 GW additional opportunities, including ~2 GW in advanced discussions; goal to secure at least 1 additional agreement by year-end 2026. - Large load tariff: filed earlier in 2026 to provide a framework for future large-load projects with safeguards on cost recovery, ramp timing, and reliability planning.

$44B 5-year investment plan (big upside, but execution-heavy) - Total 5-year utility investment: ~$44B (nearly +$10B vs prior plan). - Electric: ~$39B over 5 years, including $23B cleaner generation with 7.6 GW solar/wind, 2.1 GW combined-cycle gas, and 2.7 GW storage. - Distribution/reliability: ~$12B on electric distribution + base electric infrastructure ~$4B, targeting 30% fewer customer outages and ~50% less outage duration by 2029. - Gas modernization: continued replacement/renewal focus (main renewal progress highlighted: 2,100+ miles renewed since program start). - Opportunity: these investments are the core driver of the steeper EPS growth path and reliability upgrades tied to new load.