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13:00
Jul 28 ◎

DTE FY2026 Q2 Watch

DTE Energy Company (DTE) FY2026 Q2 Earnings Call

GOOGL DTE ORCL ETR AEP ▾

Joi Harris

Google's 1 GW contract, pending approval, represents incremental demand and will provide $1.7 billion in customer benefits, indicating substantial new capacity needs for Google in the region.

"we executed an agreement with Google to serve a one gigawatt data center. which provides upside to our current long-term plan."

GOOGL WATCH

Joi Harris

Management is confident in achieving the high end of guidance each year, driven by R&D tax credits flexibility, robust data center pipeline upside, and affirmed 6-8% EPS growth through 2030.

"Our year-to-date earnings performance keeps us on track to reach the high end of our operating EPS guidance this year, and we are confident in our long-term operating EPS growth rate target of 6% to 8% through 2030."

DTE WATCH

Joi Harris

Oracle's credit downgrade has triggered collateral posting requirements under their contract with DTE, a direct cost to Oracle's cash position and an early signal of strain in their capital-intensive buildout. — This is an early indicator of increasing financial friction for Oracle's hyperscale expansion, potentially slowing their deployment timelines or reducing their available capital for other projects.

"The 1.4 gigawatt Oracle data center remains on track, fully approved and under construction."

ORCL WATCH

Joi Harris

DTE's grid data is now used to prove that upgraded portions of the system performed significantly better during the July storm, validating the ROI of grid hardening and potentially accelerating the business case for similar utility investments nationwide. — Real-world, storm-driven data from a major Midwest utility strengthens the regulatory case for utilities to accelerate grid hardening CapEx to mitigate storm-related costs and outages.

"areas where we have completed substantial reliability investments performed significantly better, reinforcing the value of continued grid investment and operational excellence."

ETR WATCH AEP WATCH

Joi Harris

DTE is targeting another data center agreement by the end of 2026, with 2 GW in advanced discussions, and grid interconnection is the ultimate bottleneck, not customer demand. — Confirms that the pipeline of power demand is robust, and the value creation lies with entities able to provide power quickly, favoring those with available capacity or grid access.

"they can find a customer, right? It's speed to power. So if they have a facility, they have a site, they have it zoned, and it's pretty much ready to go."

VST WATCH CEG WATCH

HIGH

13:00
Apr 30 ◎

DTE FY2026 Q1 Watch

DTE Energy Company (DTE) FY2026 Q1 Earnings Call

GOOGL ORCL DTE ▾

Joy Harris

DTE expects data center load concentration (Oracle and Google) to reach ~40% of total load once fully ramped, creating significant counterparty concentration risk. — High concentration on two hyperscalers exposes DTE to counterparty credit risk and shifts its load mix dramatically, potentially impacting operations and financial planning.

"We've also executed an agreement with Google to serve a 1 gigawatt data center."

GOOGL WATCH ORCL WATCH

Joy Harris

Management has a bullish tone, driven by strong operational performance (storm response, reliability), a growing data center pipeline (Oracle ramping, Google signed), and confidence in hitting the upper end of guidance due to RNG tax credits. There is clear upside potential from further data center deals.

"we are off to a great start in 2026 and well positioned to achieve the high end of our operating EPS guidance."

DTE WATCH

HIGH

14:00
Feb 17 ◎

DTE FY2025 Q4 Watch

DTE Energy Company (DTE) FY2025 Q4 Earnings Call

ORCL DTE GE ETN VST ▾

Joy Harris

Oracle is the named counterparty behind the 1.4GW data center agreement, which is ramping and contributing $300M in annual customer benefits, indicating strong execution of their contract.

"And if you recall, obviously this Oracle deal gives our existing customers $300 million annually of affordability benefits once they reach the full ramp."

ORCL WATCH

Joy Harris

Management is confident in hitting the high end of 6-8% EPS growth through 2030, driven by the data center pipeline and RNG tax credits, with incremental deals providing upside to the current plan.

"Our 2026 guidance reflects operating EPS growth of 6% to 8% over our 2025 guidance midpoint. And we are confident in our ability to deliver at the higher end of the range, driven by R&G tax credits at DTE Vantage."

DTE WATCH

Joy Harris

DTE is setting up for new CCGT (combined cycle gas turbine) builds that are carbon capture ready, with down payments already made to secure turbines in the MISO queue, indicating a significant new build cycle for gas turbines. — The 2.8GW of potential new gas turbine capacity signals major orders for turbine OEMs and electrical equipment suppliers in the late 2020s.

"We have taken steps to prepare for additional combined cycle gas turbine developments. that are CCF capable, which could support up to 2.8 gigawatts of new load."

GE WATCH ETN WATCH

Joy Harris

DTE is in advanced talks for a Vantage (unregulated) data center opportunity that is several hundred megawatts of behind-the-meter load, a unique co-location play that could be a differentiator and add further demand for on-site power generation. — This signals a broader trend of behind-the-meter data center demand, potentially competing with or partnering with IPPs and impacting merchant power markets.

"Think of it as several hundred megawatts of load, and we see these types of opportunities across the country. In fact, when we started this work, I thought it was going to be the unicorn, and clearly it is not."

VST WATCH

HIGH

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