DTE Energy plans $36.5B in investment through 2030
DTE's $36.5 billion 2026-2030 capital plan is accompanied by annual equity issuance targets of $500 million to $600 million in 2026-2028.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
DTE Energy Company (DTE Energy) outlined 2026 operating earnings guidance of $1.585-$1.615 billion and operating EPS guidance of $7.59-$7.73 per share. It targets 6%-8% operating EPS growth through 2030, using the 2026 guidance midpoint as the base, and said renewable natural gas tax credits position it to achieve the high end of 2026 guidance. Operating earnings are a non-GAAP measure; DTE did not reconcile the guidance to reported earnings because it said future non-recurring items, certain mark-to-market adjustments and discontinued operations cannot be reliably forecast.
DTE's 2026-2030 capital investment plan is $36.5 billion. It targets annual equity issuances of $500-$600 million in 2026-2028, with similar levels planned through 2030. A 1.4 GW Oracle data center is approved and included in the plan; the 1 GW Google agreement is in the MPSC approval process. DTE lists 5-6 GW of additional data center opportunities, including 2 GW in advanced discussions and 3-4 GW in the pipeline, as potential upside to its plan.
Filing Explained
Google’s executed agreement is still awaiting approval and could require about five billion dollars in added generation and storage investment through 2032.
DTE Energy’s presentation says Oracle’s approved data-center project has started construction, while Google’s executed 1 GW agreement remains under Michigan Public Service Commission review; both deals include long-term minimum charges, and Google could require investment beyond the current plan.
Oracle has a 19-year power-supply agreement with minimum monthly charges and a 15-year storage contract covering capital investment; Google has 20-year power-supply and clean-capacity agreements, with the latter covering renewable and storage investments. The presentation says termination fees, credit and collateral requirements protect existing customers.
For Google, generation and storage needs could drive about
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
2026 operating EPS guidance: $7.59-$7.73 per share
2026 DTE operating earnings guidance: $1.585-$1.615 billion
Five-year capital investment plan: $36.5 billion
+5 more
8 metrics
2026 operating EPS guidance
$7.59-$7.73 per share
2026 guidance range
2026 DTE operating earnings guidance
$1.585-$1.615 billion
2026 guidance range
Five-year capital investment plan
$36.5 billion
2026-2030 current plan
Annual equity issuance target
$500-$600 million
Annually in 2026-2028; similar levels planned through 2030
Oracle data center capacity
1.4 GW
Approved and included in the plan
Google data center capacity
1 GW
Agreement in the MPSC approval process
Additional data center opportunities
5-6 GW
Includes 2 GW in advanced discussions and 3-4 GW in the pipeline
2026 capital expenditures guidance
$6.72-$6.82 billion
2026 guidance
Key Terms
operating earnings, Integrated Resource Plan (IRP), Infrastructure Recovery Mechanism (IRM), Funds from Operations (FFO)
4 terms
operating earnings financial
"Operating earnings is a non-GAAP measure"
Operating earnings are the profit a company generates from its core business activities after subtracting everyday costs like wages, rent, and materials but before interest, taxes and one‑time gains or losses. Think of it as the result of running the business day to day—like a household’s monthly budget outcome before mortgage interest or a sudden unexpected bill—and investors use it to judge how healthy and repeatable a company’s core profit is.
Integrated Resource Plan (IRP) regulatory
"Integrated Resource Plan (IRP) and Renewable Energy Plan (REP) filings"
An integrated resource plan (IRP) is a long-range strategy used by utilities and regulators to decide how to meet future electricity demand through a mix of power plants, grid upgrades, energy purchases, efficiency programs and demand-reduction measures. It matters to investors because the IRP sets expected capital spending, operating costs, and regulatory approvals that shape a utility’s future revenue, risk profile and rate changes — like a household budget that plans major purchases and monthly bills years ahead.
Infrastructure Recovery Mechanism (IRM) regulatory
"recovered through Infrastructure Recovery Mechanism (IRM)"
Funds from Operations (FFO) financial
"Funds from Operations (FFO) is calculated using operating earnings"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is DTE Energy (DTB)'s 2026 operating EPS guidance?
DTE's 2026 operating EPS guidance is $7.59-$7.73 per share, alongside operating earnings guidance of $1.585-$1.615 billion. DTE said renewable natural gas tax credits position it to achieve the high end of the operating EPS range.
How large is DTE Energy (DTB)'s five-year capital plan?
DTE's 2026-2030 capital investment plan is $36.5 billion. For 2026, capital expenditures guidance is $6.72-$6.82 billion: $5.22 billion for DTE Electric, $900 million for DTE Gas, and $600-$700 million for non-utility investment.
When are DTE Energy (DTB)'s Oracle and Google data center loads expected to ramp?
The 1.4 GW Oracle project is approved, included in the plan, and construction has started; demand is expected to ramp in 2027/2028. The 1 GW Google agreement has been filed with the MPSC for approval, with demand expected to fully ramp by the end of 2028.
What are the contract terms for DTE Energy (DTB)'s Oracle and Google data centers?
Oracle has a 19-year power supply agreement with minimum monthly charges and a 15-year energy storage contract that covers capital investment. Google's agreements include a 20-year power supply agreement with minimum monthly charges and a 20-year clean capacity acceleration agreement covering renewable and storage investments. The presentation also describes termination fees and credit and collateral requirements for both.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 09/28/26
Commission File Number: 1-11607
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |||||||
Commission File Number: 1-2198
| (State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |||||||
Registrants address of principal executive offices: One Energy Plaza , Detroit , Michigan 48226-1221
Registrants telephone number, including area code: (313 ) 235-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
DTE Energy Company (“DTE Energy”) will meet with investors on September 28-29, 2026. A copy of the slide presentation is furnished as Exhibit 99.1 to this report and will be available on DTE Energy's website, www.dteenergy.com on September 28, 2026.
In its business presentation and this filing, DTE Energy discusses 2026 operating earnings guidance. It is likely that certain items that impact the company's 2026 reported results will be excluded from operating results. Reconciliations to the comparable 2026 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e., future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 | Slide Presentation of DTE Energy Company dated September 28-29, 2026. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
Forward-Looking Statements:
This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the "Forward-Looking Statements" section in DTE Energy's and DTE Electric Company's (DTE Electric) 2025 Form 10-K and 2026 Form 10-Qs (which
sections are incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| Date: September 28, 2026 | |||||
DTE ENERGY COMPANY (Registrant) | |||||
/s/David Ruud | |||||
| David Ruud | |||||
| Vice Chairman and Chief Financial Officer | |||||
DTE ELECTRIC COMPANY (Registrant) | |||||
/s/David Ruud | |||||
| David Ruud | |||||
| Vice Chairman and Chief Financial Officer | |||||
Business Update September 28 - 29, 2026 EXHIBIT 99.1
Safe harbor statement 2 The information contained herein is as of the date of this document. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this document as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated or budgeted. Many factors may impact forward-looking statements including, but not limited to, the following: the impact of regulation by the EPA, EGLE, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility in prices in international steel markets and in prices of environmental attributes generated from renewable natural gas investments on the operations of DTE Vantage; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets and customer data against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather and related risks impacting the results of DTE Energy’s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce or increase power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning trust and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; impacts of inflation, tariffs, and the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena, including climate change, on operations and sales to customers, and purchases from suppliers; unplanned outages at our generation plants; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of generation and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; successful execution of new business development and future growth plans; contract disputes, binding arbitration, litigation, and related appeals; the ability of the electric and gas utilities to achieve goals for carbon emission reductions; and the risks discussed in DTE Energy’s public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This document should also be read in conjunction with the Forward-Looking Statements section in DTE Energy’s public filings with the Securities and Exchange Commission.
Continuing to deliver exceptional results for our stakeholders; well positioned for long-term growth 3 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings ✓ Highly engaged team committed to delivering best-in-class results for our customers, communities and investors ✓ Executing customer-focused investments to strengthen the grid and further improve reliability ✓ Data center opportunities continue to progress, providing significant affordability benefits • 1.4 GW Oracle data center (in plan) approved and construction started; 1 GW Google data center contract submitted to MPSC for approval • Google data center provides upside to current long-term plan; potential further upside to plan as additional discussions advance in pipeline ✓ Regulatory strategy anchored on reliability, value and affordability for our customers; 2026 IRP filing lays out the path to a cleaner, more reliable energy future ✓ 2026 operating EPS1 guidance provides 6% - 8% growth over 2025 guidance midpoint; well positioned to achieve high end of the range due to RNG tax credits ✓ Long-term operating EPS growth rate target of 6% - 8% through 2030, with 2026 guidance midpoint as the base; confident we will reach the high end of the guidance range in each year driven by RNG tax credits and the flexibility they provide • Confident that the Google data center and other data center opportunities in the pipeline will provide upside to current long-term plan
Continued focus on strategic investments and operational execution to drive improvement in reliability for our customers Technology and Automation • Installed 730 automatic devices in 2025; 20% more than planned through efficiency gains • Another 500+ additional devices planned for 2026 3 minutes AW SAIDI savings Infrastructure Resilience and Hardening • Completed 224 miles of 4.8kV hardening • Completed 969 miles of PTMM in 2025 and ramping up to 1,700 miles in 2026 26 minutes AW SAIDI savings Infrastructure Redesign and Modernization • Converted 72 miles2 of 4.8kV to 13.2kV, and rebuilt 22 miles of subtransmission • 2026 plans include our highest volume of conversion miles yet 6 minutes AW SAIDI savings Tree Trimming • Completed the Surge • Piloting expansion model with brush opt-out, overhang removal, and priority tree boundary extension 20 minutes AW SAIDI savings Pillar Highlights Customer Benefit in 20251 2 3 4 • Technology and Automation ✓ Fully automate the distribution system by end of 2029 and begin subtransmission automation work in 2029 • Infrastructure Resilience and Hardening ✓ Complete PTMM on half of the system by 2029 with 100% of pole top inspections completed • Infrastructure Redesign and Modernization ✓ Increase conversion of 4.8 kV circuits to address critical system needs • Tree Trimming ✓ Remain on tree trim cycle for all circuits and enhance inspection and maintenance practices 4 $11 billion distribution investment plan over the next 5 years 1 2 3 4 On track with goal of reducing power outages by 30% and cutting outage time in half by 2029
✓ Reaffirms the retirement of all coal in 2032 • Monroe Power Plant Units 3 and 4 will retire in 2028, followed by Units 1 and 2 in 2032, retiring 3 GW of capacity ✓ Adds combination of resources to support load growth and meet renewable and clean energy standards • 15 GW of renewable energy (solar and wind) • 4.5 GW of energy storage, including nearly 1.7 GW of long-duration storage • 2.2 GW of natural gas supports coal retirements and 24/7 reliability for all customers • 177 MW upgrade to our Fermi 2 nuclear plant ✓ Supports Michigan’s economy • Creates jobs, including nearly 1,300 full-time construction jobs for the proposed natural gas projects • Uses Michigan labor and businesses while supporting long-term jobs and local tax revenue ✓ ~$3.5 billion lower costs vs. the prior IRP 2026 IRP filing outlines plan to deliver a cleaner, reliable energy future for our customers 5 1. Includes demand response, energy efficiency, third-party contracts and hydrogen-fired combustion turbines 1% 23% 56% 56% 53% 8% 14% 14% 18% 18% 19% 33% 24% 19% 19% 10% 7% 3% 4% 4% 62% 18% 5% 3% 3% 6% 2005 2027 2035 2040 2046 Coal NuclearNatural gas / oil Renewables Energy Storage DTE Electric resource mix Total nameplate capacity (GW) 20-year balanced plan supporting reliability, affordability and Michigan’s economy Other1 11 16 31 32 33
Executing on data center opportunities that enhance customer affordability and drive growth 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings Proven execution with contracts that protect customers and drive growth 2.4 GW of executed agreements today ✓ 1.4 GW Oracle agreement approved and in plan ✓ 1 GW Google agreement in MPSC approval process; provides upside to current plan ✓ Affordability benefits could support potential rate case stay-out until at least 2028 Provides significant affordability benefits for existing customers Strong pipeline continues to advance 5-6 GW of additional opportunities ✓ 2 GW in advanced discussions; targeting additional agreement by end of 2026 ✓ 3-4 GW of additional pipeline opportunities ✓ Large load tariff moving through approval process Provides upside to operating EPS1 growth target as the pipeline advances 6
7 1. Source: Energy Information Administration (EIA). Ending point is the average 12-month rolling residential bill from April 2025 to March 2026 2. Source: EIA and Federal Reserve Economic Data (FRED) Data center projects combined with our continuous improvement culture will sustain our historical success of managing customer affordability Top tier affordability Total electric residential bill change % from 2021 to 20261 Electric residential bill as a percent of median household income2 2.6% 0.0% 2.4% 2.2% 2.0% 1.8% Michigan National Average 2.0% 1.8% 7.2% 26.4% 27.1% DTE Electric Great Lakes average National average ✓ Data center load growth helps drive affordability headroom for existing customers as excess capacity is sold and fixed costs are spread over a larger base ✓ Our distinctive continuous improvement culture will continue to drive cost management ✓ Shift from coal to renewables and natural gas drives fuel and O&M cost reductions ✓ Diversified energy mix maintains flexibility to adapt to future technology advancements ✓ IRA supports transition to cleaner energy while supporting customer affordability goals We continue to prioritize affordability
Regulatory strategy focused on continuing to deliver value and provide visibility for our customers Integrated Resource Plan (IRP) and Renewable Energy Plan (REP) filings provide visibility into long-term generation and capacity needs • IRP outlines our plan to meet long-term resource needs, including significant data center load • Transparent process helps determine the most effective and affordable way to serve our customers 8 Electric rate case filing supports disciplined investments in reliability and grid modernization with a continued focus on affordability • Supports our distribution infrastructure investment plan focused on reducing power outages by 30% and cutting outage time in half by 2029 • Requesting ~$800 million of distribution spend to be included in the IRM by 2030, to support consistent, predictable infrastructure investments for our customers Data center agreements enhance affordability, protect our customers and could help delay future rate increases • The Oracle and Google data centers deliver significant affordability benefits over the life of the contracts which include strong customer protections • Load ramps could allow us to delay the next DTE Electric rate case filing until at least 2028
Maintaining strong cash flows, balance sheet and credit profile 9 Credit ratings S&P Moody’s Fitch DTE Energy (unsecured) BBB Baa2 BBB DTE Electric (secured) A Aa3 A+ DTE Gas (secured) A A1 A Strong balance sheet supports robust customer-focused investment agenda • Customer-focused capital investment plan is supported by consistent, healthy cash flows • Targeting equity issuances of $500 - $600 million annually 2026 – 2028, with similar levels planned through 2030 − The equity need is due to a ~$3.5 billion increase in capital over the next 3 years to support data center load growth and generation investments − Plan may also include additional junior subordinated debt to support balance sheet metrics • Effectively managing debt maturities to support long-term plan • Maintaining solid investment-grade credit ratings; targeting ~15% FFO / Debt1 1. Funds from Operations (FFO) is calculated using operating earnings, debt excludes a portion of DTE Gas’ short-term debt and considers 50% of the junior subordinated notes as equity
10 Well positioned to continue to drive long-term value for shareholders while delivering affordable, reliable energy for our customers Strong Long-Term Growth Opportunities Solid Regulatory Construct Reliable and Affordable Energy for our Customers Consistent Financial Results • Met or exceeded operating EPS1 guidance 18 of past 19 years • Strong balance sheet and credit metrics support the execution of our long-term plan • Executing on significant improvement in system reliability • On track with goal to reduce power outages by 30% and cut outage time in half by 2029 • Continuous improvement culture and data center projects support continued success in maintaining affordability • Residential electric bill increase well below national average since 2021 • Consistent collaboration with the MPSC to ensure safe, reliable and affordable energy for our customers • Renewable investments supported by cost recovery mechanism defined by Michigan energy law • IRMs drive consistent, predictable infrastructure investments with timely recovery • 10-month rate case cycle and forward test-year help reduce regulatory lag • Transparent IRP process provides opportunity to align with key stakeholders on generation investments • $36.5 billion five-year capital plan supports Oracle data center development, cleaner generation transformation and improved reliability • Long-term operating EPS growth rate target of 6% - 8% through 2030; confident we will reach the high end of the guidance range in each year driven by RNG tax credits • Confident that the Google data center and other data center opportunities in the pipeline will provide upside to long-term plan 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
11 Appendix
12 • Contracts approved by MPSC and construction initiated; demand expected to ramp in the 2027/2028 timeframe • Load ramp supported by existing capacity and new energy storage investments; nearly $2 billion storage investment in plan • 19-year power supply agreement with minimum monthly charges; 15-year energy storage contract covers capital investment; termination fees combined with credit and collateral requirements protect existing customers Data center opportunities continue to progress; 1.4 GW Oracle data center approved and moving forward; executed 1 GW agreement with Google Oracle 1.4 GW (approved and in plan) Google 1.0 GW (upside to plan) Additional Pipeline 5-6 GW (upside to plan) • Contracts filed with MPSC for approval; demand expected to fully ramp by end of 2028 • Load ramp supported by up to 1,600 MW of renewable generation, 480 MW of energy storage and 350 MW of demand response; additional ~700 MW of longer-term generation will be identified through the IRP process • Generation and storage requirements could drive ~$5 billion1 incremental capital investment through 2032 • 20-year power supply agreement with minimum monthly charges; 20-year clean capacity acceleration agreement covers renewable and storage investments; termination fees combined with credit and collateral requirements protect existing customers • Advanced discussions with additional hyperscalers for ~2 GW of additional load • Multiple other opportunities with hyperscalers and other customers for an additional 3-4 GW of new load • Additional demand expected longer-term from customer expansions • Opportunities would require investments in new baseload generation, renewables and/or related storage investment; generation requirements will be solidified through the IRP process 1. Preliminary – final generation resources will be determined through the 2026 IRP filing which will be filed later this year
2026 operating EPS1 guidance midpoint provides 7% growth over 2025 original guidance midpoint; positioned to achieve high end 13 (millions, except EPS) 2026 operating earnings DTE Electric $1,340 - $1,360 DTE Gas 315 - 325 DTE Vantage 180 - 190 Energy Trading 50 - 60 Corporate & Other (310) - (300) Positioned to achieve high end of operating EPS guidance in 2026 due to favorability from RNG tax credits at DTE Vantage DTE operating earnings guidance $1,585 - $1,615 DTE operating EPS guidance $7.59 - $7.73 • Utility growth driven by customer-focused investment supporting building the grid of the future and cleaner energy transition • DTE Vantage guidance supported by new project development in the custom energy solutions space and production tax credit opportunities • Continued strength in contracted physical power and gas portfolios at Energy Trading 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
Data center development and investments in reliability and cleaner generation drive significant increase to capital plan; additional data center opportunities provide upside to plan and additional affordability benefits 14 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 2026 2027 2028 2029 2030 $7.73 Additional data center opportunities (above the approved 1.4 GW Oracle agreement) provide upside to plan (operating EPS1 guidance) ~3 GW could drive over 8% operating EPS CAGR from 2027 - 2030 Additional ~3 GW could drive over 8% operating EPS CAGR from 2027 – 2030 and drive incremental affordability benefits for customers Current target is high end of 6% - 8% guidance range in each year $24 $4 ~$2 2025 - 2029 prior plan 2026 - 2030 current plan $30 $36.5 DTE Electric DTE Gas DTE Vantage22 % 5-year investment plan (billions) ~$2 $4.5 $30 Additional data center opportunities could provide upside to plan
• Capital increase of $6 billion from prior plan is primarily driven by Oracle data center project and other customer-focused initiatives — Incremental storage investment to support data center transaction; fully covered by Oracle — Renewable investment supports continued success of MIGreenPower voluntary program and fulfills requirements of legislated clean energy plan — Combined cycle gas turbine (CCS1 capable) build to replace base load generation as coal plants retire by 2032; submitted a competitive bid for the 2026 Integrated Resource Plan (IRP) All Source RFP — Distribution investment to continue to harden our system and improve reliability • Strategic investments and process improvements, along with more favorable weather, have led to significant improvement in reliability for our customers — On track with goal to reduce power outages by 30% and cut outage time in half by 2029 • Rate case filing supports our grid reliability investment commitment while maintaining affordability 15 DTE Electric: significant investment increase driven by Oracle data center project, cleaner generation investments supporting future coal plant retirements and continued hardening of our distribution system $4 $4 $10 $11 $10 $15 2025 - 2029 prior plan 2026 - 2030 current plan Base infrastructure Cleaner generation2 $24 DTE Electric investment (billions) $30 25 % Distribution infrastructure 1. Carbon capture and storage 2. Current plan includes $10 billion of renewable investment, $2.5 billion of energy storage investment and $2.5 billion of combined cycle gas turbine investment
DTE Gas: replacing aging infrastructure to ensure reliability and safety for our customers 16 Gas renewal program Base infrastructure $1.5 $1.8 $2.5 $2.7 2025 - 2029 prior plan 2026 - 2030 current plan $4.0 $4.5 DTE Gas investment (billions) • Continuing to improve customer service excellence and progress on main renewal − Ongoing progress on main renewal program; renewed over 2,000 miles since program inception • Long-term capital investment plan focused on infrastructure improvements including main renewal investments to minimize leaks and reduce costs for our customers − Significant investment to support main renewal recovered through Infrastructure Recovery Mechanism (IRM) − Base infrastructure investments enhance distribution, transmission, compression and storage − Continued focus on safety and affordability for customers ~1 3%
DTE Vantage: strategic focus on custom energy solutions projects 17 • Progressing on project development − Began construction on project to design, build, own and operate a combined heat and power project; expecting commercial operation in late 2027 − Continuing to advance the development of a behind the meter generation project to serve a large data center customer − Commissioning the long-term, fixed-fee custom energy solutions project with Ford Motor Company; expecting commercial operation in 2026 − Continuing construction on project to design, build, own, operate and maintain a 42 MW combined heat and power project serving a large industrial customer; expecting commercial operation in early 2027 − ~$2 billion five-year capital investment plan supports continued execution of utility-like, long-term, fixed-fee contracted projects and decarbonization growth opportunities • New projects coming on-line in 2026 and 2027, combined with a solid long-term development pipeline, provide confidence we can achieve our DTE 6% - 8% operating EPS1 growth through 2030 − 2030 operating earnings projection of $150 - $160 million following the expiration of RNG tax credits in 2029 1. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings
Top tier affordability for our customers over the last 5 years 18 State comparison – electric residential bill change % from 2021 to 20261 Great Lakes average 26.4% U.S. average 27.1% 1st quartile 2nd quartile 3rd quartile 4th quartile 1. Source: Energy Information Administration (EIA). Ending point is the average 12-month rolling residential bill from April 2025 to March 2026 DTE 7.2% Great Lakes peer states
Environmental, social and governance (ESG) efforts are key priorities; aspiring to be the best in the industry Environment • Transitioning towards net zero1 emissions at both utilities • Accelerating transition to cleaner generation • Protecting our natural resources Social • Focusing on the diversity, safety, well-being and success of employees • Investing in communities • Leader in volunteerism Governance • Focusing on the oversight of environmental sustainability, social and governance • Ensuring board diversity • Providing incentive plans tied to safety and customer satisfaction targets 19 1. Definition of net zero included in the appendix 2024 Sustainability Report https://empoweringmichigan.com/dte-impact/performance Link:
Weather impact on sales Cooling degree days1 Operating earnings2 impact of weather Weather normal sales1 DTE Electric Heating degree days3 Operating earnings2 impact of weather DTE Gas (millions) (per share) 2Q YTD 2Q YTD 2025 $0 $2 $0.00 $0.01 2026 ($19) ($11) ($0.09) ($0.05) (millions) (per share) 2Q YTD 2Q YTD 2025 $3 $8 $0.01 $0.03 2026 ($1) $9 $0.00 $0.05 2Q 2025 2Q 2026 % Change YTD 2025 YTD 2026 % Change Actuals 252 225 (11%) 252 225 (11%) Normal 254 264 4% 254 264 4% Deviation from normal (1%) (15%) (1%) (15%) 2Q 2025 2Q 2026 % Change YTD 2025 YTD 2026 % Change Actuals 836 788 (6%) 4,049 4,068 0% Normal 782 798 2% 3,935 3,961 1% Deviation from normal 7% (1%) 3% 3% 20 (GWh) YTD 2025 YTD 2026 % Change Drivers Residential 7,217 7,248 0.4% Slightly higher customer count offset by Energy Optimization Commercial 9,146 9,120 (0.3%) Slightly higher customer count offset by Energy Optimization Industrial 4,968 4,795 (3.5%) Lower steel output and Energy Optimization Other 95 89 (6.3%) 21,426 21,252 (0.8%) Sales slightly up after adjusting for Energy Optimization (2%) 1. DTE Electric 2025 weather normalized data based on 2009 – 2023 weather and 2026 weather normalized data based on 2010 – 2024 weather 2. Refer to the appendix for information regarding the reconciliation of operating earnings (non-GAAP) to reported earnings 3. DTE Gas 2025 weather normalized data based on 2010 – 2024 weather and 2026 weather normalized data based on 2011 – 2025 weather
Cash flow and capital expenditures guidance 21 1. Includes equity issued for employee benefit programs. Up to $100 million expected in 2026 2026 guidance DTE Electric Base infrastructure $1,020 Cleaner generation 2,440 Distribution infrastructure 1,760 $5,220 DTE Gas Base infrastructure $590 Gas renewal program 310 $900 Non-utility $600 - $700 Total $6,720 - $6,820 (millions) Cash flow Capital expenditures 2026 guidance Cash from operations1 $3.9 Capital expenditures (6.8) Free cash flow ($2.9) Dividends (1.0) Other (0.2) Net cash ($4.1) Financing Debt Issuances $4.9 Debt Redemptions (1.3) External equity issuances 0.5 Total financing $4.1 (billions)
Reconciliation of reported to operating earnings (non-GAAP) 22 Use of Operating Earnings Information – Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DTE Energy management believes that operating earnings provide a meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors. Operating earnings is a non-GAAP measure and should be viewed as a supplement and not a substitute for reported earnings, which represents the company’s net income and the most comparable GAAP measure. In this presentation, DTE Energy provides guidance for future period operating earnings. It is likely that certain items that impact the company’s future period reported results will be excluded from operating results. A reconciliation to the comparable future period reported earnings is not provided because it is not possible to provide a reliable forecast of specific line items (i.e., future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings. Definition of net zero Goal for DTE Energy's utility operations and gas suppliers at DTE Gas that any carbon emissions put into the atmosphere will be balanced by those taken out of the atmosphere. Achieving this goal will include collective efforts to reduce carbon emissions and actions to offset any remaining emissions. Progress towards net zero goals is estimated and methodologies and calculations may vary from those of other utility businesses with similar targets. Carbon emissions is defined as emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases.