DTE Energy Co. - 6% DB REDEEM 15/12/2076 USD 25

Strong near-term and long-term earnings outlook (no change): - Q2 2026 operating earnings: $274M ($1.32/share). - Confidence in full-year guidance: management reiterated they are on track for the high end of 2026 operating EPS guidance (6%–8% growth off the 2025 midpoint). - Long-term growth target remains: 6% to 8% operating EPS growth through 2030, supported by RNG tax credits and data-center-driven economics.

Major customer reliability headwind—but investments are working (good + bad + surprising): - Surprising/negative event: a fast-moving storm in early July impacted ~400k customers, with >600 broken poles and significant tree damage; restoration times ran longer than typical because the storm severity wasn’t captured well by models and it developed rapidly with little warning. - Good news/“proof”: the company reported that areas with upgraded reliability investments performed significantly better. - Tracking improvements despite storms: from 2023–2025 outage duration improved by 90%, achieving best all-weather SAIDI in nearly 2 decades; also prior storms averaged 97% restored within 24 hours and ~100% within 48 hours (before July). - Ongoing reliability plan: ~$11B over 5 years across four pillars (automation, hardening, modernization, tree trimming), including planned 500+ automation devices in 2026 and ~1,700 miles of maintenance work in 2026.

Data center momentum is real and financially meaningful (major opportunity): - Executed agreements supported by contracts: ~2.4 GW total. - Oracle (1.4 GW): fully approved, construction underway, included in plan. - Google (1.0 GW): submitted to MPSC, progressing through approval (expected upside; approval process is a key gating item). - Additional pipeline: management sees 5–6 GW additional opportunities; specifically ~2 GW in advanced discussions with a goal of another agreement by end of 2026; plus ~3–4 GW more in earlier stages. - Affordability economics (very investor-relevant): - Oracle expected to deliver ~$300M/year in benefits to existing customers once ramped. - Google expected to deliver ~$1.7B in benefits over the life of the contract. - Management emphasized that these loads are structured to absorb fixed system costs (helping bills) while also supporting a potential electric rate “stay-out”.