DTE Energy Co. - Units

2026 momentum + EPS guidance (good): - Management said 2026 is off to a strong start and they remain well positioned to achieve the high end of operating EPS guidance. - Q1 operating earnings: $407m, or $1.95/share. - Utility segment performance: - DTE Electric operating earnings: $218m (+$71m YoY), mainly from tax timing, rate implementation, and colder weather, partially offset by higher rate base and O&M costs. - DTE Gas operating earnings: $210m (+$4m YoY), driven by colder weather and IRM revenue partially offset by higher rate base costs. - Energy trading: $59m lower YoY, tied to expected timing (management is confident this reverses through contracted/hedge positions later in 2026). - Full-year outlook: Operating EPS expected to grow 6%–8% over 2025 midpoint; confidence in landing at the high end supported by RNG tax credits and guidance flexibility.

Reliability + storm execution (good, with measurable wins): - Strong reliability improvement highlighted: from 2023–2025, achieved ~90% improvement in outage duration. - Best all-weather SAIDI in ~20 years; described as top-quartile among utilities. - Restoration performance: 99.9% of impacted customers restored within 48 hours in 2025 and March 2026 storm had ~300k customers impacted with nearly all restored within 48 hours despite >70 mph sustained gusts. - Long-term targets reiterated: reduce outage frequency by 30% and cut outage duration in half by 2029; also investing in smart grid devices, pole-top maintenance, and 4.8kV rebuild.

Data centers as the major upside engine (opportunity) + concrete numbers: - Oracle (1.4 GW): approved, construction underway; load ramps over coming years, with management expecting Oracle attached by end of 2027 and fast ramp thereafter. - Google (1.0 GW): contract filed for MPSC approval; management expects an order around September (they noted expectation of no PFD). Full ramp expected by end of 2028. - Investment / infrastructure implications: meeting Google capacity needs could drive ~$5B incremental generation + storage investment through 2032. - Affordability benefits (investor-relevant): - Oracle expected to provide ~$300m annual benefits to existing customers once ramped. - Google expected to generate ~$1.7B of benefits over the life of the contract. - Future pipeline: “advanced discussions” could add ~2 GW incremental load and possibly another 3–4 GW over time (beyond Oracle/Google).