With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

World's Most Admired Companies

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-250-DTE Energy

The Detroit energy company provides electric and gas services to more than 3 million residential, business, and industrial customers throughout Michigan. It also owns a portfolio of subsidiaries that specialize in natural gas storage, biomass energy, and renewable projects across the U.S.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-253-DTE-Energy

The Detroit energy company provides electric and gas services to more than 3 million residential, business, and industrial customers throughout Michigan.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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DTE Energy provides electricity and natural gas to millions of customers in Michigan. Its electric segment serves 2.3 million customers with power from coal, nuclear, wind, solar, and hydro sources. The gas segment supplies natural gas to 1.4 million customers and operates extensive pipeline and storage infrastructure. DTE Vantage supports industrial clients with energy, steam, and environmental services, while also running renewable and gas recovery sites. Its energy trading arm handles power, gas, and environmental commodities.

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DTE Energy (DTE): Company Profile, Stock Price, News, Rankings

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DTE Energy

dte energy

Thank you for standing by. My name is Liz and I'll be your conference operator today. At this time, I would like to welcome everyone to the DTE Energy first quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session.

If you would like to ask a question during this time, simply press Star followed by the number one on your telephone keypad. If you would like to withdraw your question, press Star one again. Thank you. I would now like to turn the call over to Matt Krupinski, Director of Investor Relations. Please go ahead.

Thank you, good morning, everyone. Before we get started, I'd like to remind you to read the Safe Harbor statement on page two of the presentation, including the reference to forward-looking statements. Our presentation also includes references to operating earnings, which is a Non-GAAP financial measure. Please refer to the reconciliation of GAAP earnings to operating earnings provided in the appendix. With us this morning are Joi Harris, President and CEO, and David Ruud, CFO. Now I'll turn it over to Joi to start our call this morning.

Thanks, Matt. Good morning, everyone. Thank you for joining us. I'm happy to be with you today. I'll start by saying 2026 is off to a strong start. That momentum gives us confidence in delivering an exceptional year for all of our stakeholders. As we have said before, our success begins with our team. We have a highly engaged organization that's executing extremely well.

Our team is focused on doing what's right for our customers and communities. That strong employee engagement really shows up in our performance. A great example is our team's response to a couple of large storms we experienced in the Q1. During a January weather event, the team restored 100% of impacted customers within 48 hours. During the March storm, a more significant event, we restored service to over 99% of the customers within 48 hours.

This kind of performance reflects the commitment, preparation, and pride our employees take in their work. I'm incredibly proud of how our team continues to show up for our customers when it matters most. We continue to execute our customer-focused capital plan that strengthens the grid and improves reliability. These investments are essential to enhance the grid to support our customers, and they're being made with a clear focus on customer affordability.

That focus is reflected in our recent rate case filing, where we are targeting investments that drive the highest impact while carefully balancing customer affordability. Turning to data centers, we continue to see great progress. The 1.4 gigawatt Oracle Data Center included in our plan is approved and construction is underway. We've also executed an agreement with Google to serve a 1 gigawatt data center.

This project represents incremental upside to our current long-term plan, and the contract has been submitted to the MPSC for approval. Beyond Oracle and Google, we continue to have constructive discussions with other potential customers. As those conversations progress, they represent additional upside to our capital plan over time. It's also important to highlight that this data center growth provides real affordability benefits to our existing customers.

These large loads help spread fixed system costs over a broader base. Because these data centers use so much power, they absorb a significant portion of these costs, which will provide meaningful benefits to existing customers as these loads ramp. As I've said, we are off to a great start in 2026 and well-positioned to achieve the high end of our operating EPS guidance.

We are confident in our long-term operating EPS growth rate target of 6%-8% through 2030, and we remain confident in our ability to reach the high end of our guidance range in each year, driven by RNG tax credits and the flexibility they provide. The Google Data Center project and other data center opportunities provide upside to this plan.

Let me move to slide five to highlight our improvements in reliability. We've delivered meaningful reliability improvements in 2025, driven by a combination of strategic infrastructure investments, targeted process improvements, and more favorable weather conditions. From 2023-2025, we achieved a 90% improvement in outage duration, reflecting both stronger system performance and faster restoration.

We recorded our best all-weather SAIDI performance in nearly 20 years, underscoring the impact of our sustained focus on reliability and placing us in the top quartile of utilities nationwide. Last year, we restored 99.9% of impacted customers within 48 hours, demonstrating continued improvement in storm response and operational execution.

That momentum has carried into 2026 as we continue to successfully execute our reliability strategy. Earlier, I mentioned the strong storm response our team delivered during the first quarter. That performance was on full display during the March storm when we experienced wind gusts of more than 70 miles per hour for a sustained period. About 300,000 customers were impacted. Thanks to dedication and hard work of our crews, nearly all customers had power restored within 48 hours. When we look back at a similar storm several years ago, the progress is clear.

That earlier event, which was a little less severe, impacted more than 750,000 customers, and restoration took significantly longer. The improvements we're seeing today reflect years of targeted investments, improved processes, and the commitment of our employees. This work continues to make a meaningful difference for our customers through less frequent outages, fast restoration, and improved reliability, and demonstrates that when we invest, it works.

We are continuing our efforts to modernize our electric distribution system, including the installation of smart grid devices to improve outage detection and restoration times. We are also maintaining a discipline focused on pole top maintenance, executing a robust tree trim program, and advancing the ongoing rebuild of the 4.8 kV system, all of which are critical to long-term reliability. Those initiatives are already translating into measurable results.

We remain on track to achieve our long-term goals of reducing the number of power outages by 30% and cutting outage duration in half by 2029, reflecting our commitment to sustained improvement. Let me move to slide six to provide an update on data center development. We've continued to make steady progress executing and finalizing contractual agreements needed to support data center growth.

The Oracle contracts are approved and construction is underway, with load ramping over the next several years. The growth is supported by existing capacity and planned energy storage, and the contracts are structured to ensure Oracle will cover the full cost of energy and capacity they need, while also providing significant affordability benefits to our existing customers. Our project with Google also continues to advance.

The contracts have been filed with the MPSC for approval, and we expect their load to fully ramp by the end of 2028. The load ramp is supported by a balanced mix of resources, including renewable generation, energy storage, demand response, and additional longer-term generation that will be identified through the IRP process. As a result, meeting Google's capacity needs could drive roughly $5 billion of incremental generation and storage investment through 2032.

Importantly, these investments are supported by contracts that protect existing customers. We have a 20-year power supply agreement with minimum monthly charges combined with a separate clean capacity acceleration agreement that covers renewable and storage investments. Termination provisions combined with credit and collateral requirements are designed to protect existing customers and support affordability.

This means that Google will cover the full cost of the energy and capacity they need, while also providing affordability benefits to our other customers. Beyond these 2 projects, we remain highly engaged with additional data center opportunities. We're in advanced discussions that could represent roughly 2 gigawatts of incremental load, with additional projects in our pipeline that could add another 3-4 gigawatts over time.

Importantly, we also expect additional demand as these customers continue to expand once they are on the system. Collectively, these opportunities would require investment in new base load generation, renewables, and related storage with the exact resource mix and timing to be refined through the IRP process. Overall, we see our strong pipeline continue to advance with disciplined execution that delivers growth while remaining focused on reliability and affordability.

Let me move to slide seven to describe the benefits these data centers provide and discuss our continued commitment to customer affordability. These data center projects bring on large, steady load that help spread fixed system costs and create meaningful affordability benefits for our existing customers. Once fully ramped, Oracle is expected to drive about $300 million of annual benefits to our existing customers.

While the Google data center is expected to generate roughly $1.7 billion of benefits over the life of the contract. These savings strengthen our affordability story, complementing the strong continuous improvement culture that we have developed over the years. Continuous improvement is part of how we operate every day, and it underpins our ability to consistently deliver strong reliability while managing customer affordability. We've executed our investment plan with discipline while remaining highly focused on affordability for our customers.

As the chart illustrates, our average annual bill increases over the past four years have been well below the national average in the Great Lakes region. One of our biggest sources of customer value is how we're using new technology. Advanced analytics are driving efficiencies, lowering costs, and improving maintenance and storm response.

Delivering customer-focused efficiencies through technology remains a top priority for our team. Our transition from coal to natural gas and renewables is also reducing O&M costs. The tax credits available under the Inflation Reduction Act help to make our clean energy investments more affordable for customers. Today, the typical residential electric bill represents less than 2% of the median household income, and our residential bills are 18% below the national average.

We also continue to expand energy assistance for our most vulnerable customers, delivering millions of dollars in energy assistance and donating significantly to support nonprofits across Michigan. Overall, we are well-positioned to sustain our historical success in managing customer affordability while continuing to invest in the grid and support long-term growth. Let's turn to the next slide and walk through our regulatory strategy and the benefits we are delivering to our customers.

Our electric rate case filing is an important step in supporting customer-focused investments in system reliability and grid modernization while continuing to manage affordability. This rate case filing is predominantly driven by our Distribution Infrastructure Investment Plan, which is squarely focused on improving reliability and consistent with the recommendations from an electric distribution audit completed in 2024.

This plan is focused on achieving our goal of reducing the frequency of power outages by 30% and cutting outage duration in half by 2029. As part of this filing, we're requesting nearly $800 million of distribution investment to be incorporated into the IRM by 2030. This would support consistent, predictable infrastructure investments for our customers and could help delay future rate case filings.

Our data center agreements are thoughtfully structured to enhance affordability and protect our customers. As I have already highlighted, these contracts deliver significant affordability benefits with strong safeguards in place. As the load from these projects ramp, it creates the potential to extend the timing of our next DTE Electric rate case filing, delivering the benefits to our existing customers from these growth opportunities while we continue to invest in improving reliability.

We have proposed a regulatory mechanism in this current case to capture any excess margin from the Oracle load ramp above what we have included in our filing. If the Oracle load ramp comes online by the end of 2027 and we receive other required regulatory approvals, we will refrain from filing another rate request until at least 2028.

Looking longer term, our IRP will provide clear visibility into how we will serve growing demand, including the significant data center load. The IRP will lay out our approach to meeting long-term generation and capacity needs with the filing expected in the third quarter of 2026. This is a transparent process that allows us to identify the most effective and affordable way to serve customers over time.

Taken together, these efforts reflect a coordinated, disciplined approach to growth, combining thoughtful regulatory filings, well-structured large load agreements, and long-term resource planning to support reliability, affordability, and visibility for our customers. To wrap up, we're off to a strong start in 2026.

We're executing our plan, making critical infrastructure investments, staying focused on affordability for our customers, delivering reliable, high-quality service to communities we serve, and driving continued strong financial performance for our investors. With that, I'll hand it over to David. David, over to you.

Thanks, Joi. Good morning, everyone. As Joi mentioned, 2026 is off to a really strong start, and we remain well-positioned to achieve the high end of our operating EPS guidance this year. Let me start on slide nine to review our first quarter financial results. Operating earnings for the quarter were $407 million. This translates into $1.95 per share. You can find a detailed breakdown of EPS by segment, including a reconciliation to GAAP reported earnings in the appendix.

I'll start the review at the top of the page with our utilities. DTE Electric earnings were $218 million for the quarter. Earnings were $71 million higher than the first quarter of 2025. The main drivers of the variance were timing of taxes, rate implementation, and colder weather, partially offset by higher rate base and O&M costs.

On the timing of taxes, if you remember, we called out a variance of negative $67 million in the first quarter of last year due to the timing of renewable projects being placed in service, which was a key driver of the variance for the quarter. Moving on to DTE Gas, operating earnings were $210 million, $4 million higher than the first quarter of 2025.

The earnings variance was driven by colder weather and IRM revenue, partially offset by higher rate base costs. Let's move to DTE Vantage on the third row. Operating earnings were $48 million for the first quarter of 2026. This is a $9 million increase from 2025, driven by higher customer energy solutions and steel-related earnings, partially offset by lower renewable earnings.

On the next row, you can see energy trading earnings were $59 million lower than the first quarter of 2025. This was primarily driven by expected timing in the first quarter in the power portfolio. We are highly confident in achieving the high end of the full-year guidance range in energy trading as this timing reverses through contracted and hedged positions over the remainder of the year.

Corporate and other was unfavorable by $54 million, primarily due to the timing of taxes of $43 million and higher interest expense. DTE earned $1.95 per share in the first quarter of 2026, which positions us well to achieve the high end of our guidance range in 2026. Let me move to slide 10, discuss our balance sheet and equity issuance plan.

We continue to focus on maintaining solid balance sheet metrics. To support the significant increase to our capital investment plan that we need to execute for our customers. We are still targeting annual equity issuances of $500 million-$600 million in 2026 through 2028, with similar levels through 2030. We will continue to maximize the use of internal mechanisms, planning to issue up to $100 million internally.

For our remaining issuances, we've established an equity ATM program to efficiently execute our funding plan. While no shares were issued under the ATM program during the first quarter, we have priced over $350 million of equity through forward sale agreements that we plan to settle later this year, which is about two-thirds of our full-year target.

Our five-year plan fully incorporates the equity needs and continues to deliver 6% to 8% operating EPS growth with a bias to the upper end of guidance each year through 2030. Importantly, we remain focused on maintaining our strong investment-grade credit rating and solid balance sheet metrics as we target an FFO to debt ratio of approximately 15%.

Let me wrap up on slide 11, and then we'll open the line for questions. DTE continues to consistently deliver for all our stakeholders. Our 2026 guidance reflects 6% to 8% operating EPS growth over our 2025 guidance midpoint, and RNG tax credits give us confidence that we can deliver at the higher end of that range.

Our five-year plan provides high-quality, long-term, 6%-8% operating EPS growth through increased customer focus utility investments, with utility operating earnings making up 93% of our overall earnings by 2030. We are confident we will reach the high end of our guidance range in each year, driven by RNG tax credits and the flexibility they provide.

As we have stated, the Google contract and additional data center opportunities provide upside to our five-year plan that will be incorporated after the contracts have been approved by the MPSC. We are well-positioned to execute our plan to improve reliability for our customers and strengthen the communities we serve. We're doing so with a strong focus on affordability, supported by multiple levers to manage customer rates, including the significant benefits that data centers drive for existing customers.

We remain on track to deliver the premium total shareholder returns our investors expect, supported by a strong balance sheet and disciplined execution of our capital investment plan. With that, I thank you for joining us today, and we can open the line for questions.

We'll pause for just a moment to compile a Q&A roster. Your first question comes from the line of Shar Pourreza with Wells Fargo. Please go ahead.

Good morning. Morning. Morning. Joi, I know you talked about the Google deal strengthening the 8% and the next deal pushing you beyond 8%. I guess, first on Google and the status of the approvals, I mean, Michigan's been noisy, so I guess how should we think about pushback, given it is a contested case? What's been the feedback so far there, and what clarity would you need to put that into plan? Thanks.

Well, thanks for the question, Shar. You know, the community is welcoming Google, so that makes this a really positive thing for the state. We are seeing, really, I think, positive comments in media about the Google contract. We feel really good about what was filed. We're expecting to get an order in the September timeframe, September 10th, to be by September 10th.

At least that's what the contract specifies. If you recall, the commission indicated that they're going to read the order, so there won't be a PFD. That was a positive signal that puts us on track for that approval by September. The community is welcoming. The narrative has been really good on the ground, and we feel good about to secure this contract.

As we've said all along, that, you know, 3 gigawatts would get us to 8+, and at least this Google contract has the potential to get us to eight. We don't wanna get ahead of the approval process. We're gonna let this play out over the summer and into the early part of the fall and get that approval and keep moving forward.

Got it. Perfect. That's consistent. Just lastly on the next deal announcement, are you still thinking sometime in that Q3 timeframe, could we sort of see an update of that plan and the CAGR around the EEI timeframe embedding the next deal? I guess, how do we sort of handicap the next deal timing, et cetera? Thanks.

Yeah. I think we are targeting before the end of the year to have, I've always been consistent about that, having something done before the end of the year. Let me just say that we've got 2 gigawatts of hyperscalers that we're in late stage negotiations. At least one of them has zoning already done, so we feel really good about that, and there's a pathway to zoning for the other.

The, the conversations are progressing quite well. In terms of the updates that we will provide, as, you know, the contract is solidified, rest assured we'll provide updates. Our approach will be to lay out our 5-year plan, no different than prior years, during our third quarter call and at EEI. Provided that we have any information or we solidify the contract at that time, we would incorporate it. If not, it will show up, sometime thereafter.

Okay. Perfect. Big congrats, guys. That's very consistent. Thanks so much.

Next question comes from the line of Michael Lonegan with Barclays. Please go ahead.

Hi. Thanks for taking my question. Obviously you highlighted you're potentially pausing your next electric rate case filing after the current one, you know, dependent on ramp-up of data center load and approval of regulatory items. Obviously this is dependent on a constructive rate case outcome in the current case. I just wonder if you can share your assumption, you know, for a range of ROE and equity ratio outcomes in the case, you know, for that pause and, you know, also how you're thinking about the IRM mechanism coming out of it.

Yeah. Thanks for the question. We enter every case with an expectation and belief that we'll get a constructive outcome, and that's what we've included in our planning assumptions. The investments that we have highlighted in the case are all targeted toward the grid, which are necessary, and also to transition to cleaner generation, and that's all underpinned by legislation.

We feel really good about the case that we put before the commission. The IRM is underpinned by our DSP, which is aligned with the Liberty Audit that was completed in 2024. This was a directive from the commission that we followed through on, we feel very strongly about, you know, what we've put forward and at least a clear understanding of how those investments are going to deliver value for our customers.

In terms of ROE, what we requested is 10.25%. In terms of equity layer, we typically have included a 51% equity in our filing. We'll let this play out, as we always do, over the course of, you know, the next several months. We'll start to see staff and intervener testimony, and that will give us indications as to whether or not we're aligned with the Commission. We feel good about where we stand today.

Great. Thank you. You know, so you got potential pause in electric, but shifting to gas, you know, after the current pending case, when could we expect you to file the next gas rate case?

We're gonna let this case play out. We did ask for an increase in the IRM, which was supported by the staff and their testimony, which is a really positive sign. We have some other large investments that we included in this case which were supported as well. This is all, you know, updating our transmission system in the gas business, so that's really positive for us. Once we get the final order, we'll determine the next filing cadence.

Okay. Great. Thank you for taking my question.

Your next question comes from the line of Julien Dumoulin-Smith with Jefferies. Please go ahead.

Excellent. Well, congratulations to Joi Harris and the team here. Really nicely done. Congrats on the continued success. Maybe just take it up where Michael left it off here. I mean, what is the stayout dependent on? Just to pick it up there. Just in terms of the timing with Google, if it's approved and comes online as planned, how does that impact the electric stay out here? Can you elaborate just a little bit about some of the parameters here as you think about it? Obviously, Oracle's coming online at the end of 2027 here.

Sure. The mechanism that we filed essentially takes the, any excess margin above and beyond what we've incorporated in the case and pushes it into a subsequent filing where we will propose how to flow back the benefits to the customers, and that gives us the potential to stay out for multiple cycles.

If you layer on the Google contract on top of it once it's approved, that could very well give us the opportunity to push out cases even further. That's how we've set it up in the case, Julien, and we are looking forward to getting feedback from the Commission once they've had an opportunity to fully absorb the filing.

We'll start to see testimony from staff and on the next several months, and we'll have some indication as to whether or not there's good support. Generally, I think all of us are seeing that data centers are going to deliver the affordability benefits as promised, and this is a way for us to showcase it and deliver on the promise that we've made early on.

Awesome. Excellent. That's what I thought. There could be a little bit of a extension factor there, especially, I suppose, if you get a third too, right? Again, each one would incrementally push out that timeline.

Yes. Load growth, data center load growth will provide meaningful affordability benefits for our customers. We've said that all along, and this is that projection coming to fruition.

Yep, exactly. Just not to nitpick, but to come back on the other pieces of the business, if you will, everything else. Just so you're guiding here to flat earnings for Vantage by 2030. How do you think about that if you layer in the data center opportunity? I guess it's another way to just talk about the pieces that go into the 6-8 here. Also separately, how do you think about the Vantage Recycling Avenue here, especially as we talk about Google and potentially a 3rd here? It would seem like that's more ripe now than ever, but I don't want to put words in your mouth.

Yeah. Vantage has a really strong pipeline of opportunities that we continue to advance. The data center opportunity with Vantage is progressing quite well. We're down to, you know, the short strokes, as I like to call it. Hopefully, we will have an agreement, a full agreement in place over the next several weeks and be able to communicate this more fully to the broader community. It's an exciting opportunity that has the potential to expand even beyond where it is. Just given the technology that we're deploying, it's transferable. Recall this is a Behind the Meter project that is roughly 350 megawatts.

Since there is such shortage of power across the nation, this could be a very interesting opportunity for other hyperscalers and/or co-locators that are looking to expand their footprint. We've begun some preliminary just examination of where this might fit. For right now, we're focused on the project that we have underway, and this fits nicely into the plan that we've already established.

As for Vantage and recycle opportunities, as always, we look at Vantage and examine Vantage every year. This business has served us well for over 20 years. That's not to say, though, that we're not always looking to create more shareholder value. We'll examine for rotation opportunities along the way and provide you updates if anything materializes, but there's nothing imminent.

Thank you, Joi. Appreciate it. We'll talk soon. All the very best.

Your next question comes from the line of Jeremy Tonet with JPMorgan. Please go ahead.

Hey, thanks for the details so far. Just looking to build a little bit more, if we could. For the Oracle and Google data centers, how would you frame the ramp in sales growth as these projects come online? You know, how should we think about that over time at this point?

Well, the ramp for Oracle in 2026 is relatively small, but it shoots up exponentially beyond 2026. They get to their full ramp over the next couple of years. Same thing with Google. Google will start out relatively small and then, expand to 1 gigawatt by 2028. That's how the data centers are looking to ramp over the next couple of years.

Got it. I guess to refine that a bit more, how do you think that compares to a minimum contracted level?

Hoqw does it compare to minimum contracted levels?

Do you think there's the potential for a faster ramp than maybe where demand charges stand?

Oh, I see. I think what the contract and which is why we've included this mechanism, the contract allows for some flexibility. We won't fully know until the facility is constructed. Of what I can tell you is construction is progressing as planned. There's no indication that there is a slowdown of any sort.

We intend to see Oracle attached to the grid by the end of this year and then begin to take electrons off the grid thereafter. In terms of their minimum billing demand, as they are ramping, it's aligned with their load ramp. Depending on the scale of their load ramp, and we have not published that, I don't think we've made that public for obvious reasons. Suffice it to say, so long as they stay on schedule, we see that they will be on a fast ramp. If there is any delay, and they have that option to delay for 1 year, then the mechanism that we're proposing covers it.

Got it. That's very helpful there. Thanks. Just wanted to turn to customer benefits, if you could, and your approaches to the $300 million annual and $1.7 billion overall customer benefits from Oracle and Google contracts. Just wondering, you know, how those contracts compare, if there's any differences to think about there. Really just, you know, how do you think about future deals here, bringing similar scope of benefits, or just what are you looking for in the future?

The Oracle contract, because we did not have to construct anything substantial, we are only building battery storage to support the load, and they're covering the full revenue requirement for that battery storage. You've got a pretty significant affordability benefit. We do have to make some additional baseload additions to our fleet to cover off Google, and that will be identified in our IRP. The affordability benefit, while sizable, is a little less than what you see in the Oracle contract for obvious reasons.

Got it. How does this, I guess, inform what you're looking for in any potential future agreements, I guess, as far as what the, you know, the size or scale of benefits could shape up to be?

Any deal that we arrive at has to provide affordability benefits for our customers. There, that is a requirement of the law. Our desire is to maximize that at every opportunity. It's gonna be dependent upon the size and scale of the hyperscaler, the resources that we have to bring online to support them, and their ability to flex their load over time, and that will dictate how much affordability savings that will flow to our customers.

Understood. I'll leave it there. Thank you.

Thank you. Your next question comes from the line of Richard Sunderland with Truist Securities. Please go ahead.

DTE Energy (DTE) Q1 2026 Earnings Call Transcript

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