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

Hello and thank you for standing by. My name is Bella and I will be your conference operator today. At this time I would like to welcome everyone to DTE Energy Q3 2025 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 then the number one on your telephone keypad. To withdraw your question, press Star one again. I would now like to turn the conference over to Matthew Krupinski, Director of Investor Relations.

Thank you and 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 M. Harris, President and CEO, and David S. Ruud, CFO. Now I'll turn it over to.

Thanks, Matt. Good morning, everyone, and thank you for joining us. While this is my first time leading our earnings call as CEO, I've had the privilege of engaging with many of you over the past couple of years and appreciate the dialogue. I'm off to a running start and continuing to build on the strong foundation we've established. I have a number of exciting updates to share with you today, which include highlighting the progress we're making on achieving our 2025 financial goals, providing a strong 2026 operating EPS outlook, and outlining our enhanced five-year plan that now extends through 2030. A highlight of our strategy is the transformational growth we're seeing in data center demand. I am pleased to announce we finalized an agreement with a leading hyperscaler to support 1.4 GW of data center load.

This is an exciting milestone that I'll expand on as we walk through our updated strategic plan. Aside from the 1.4 GW of new load, we are still in late-stage negotiations with an additional 3 GW of data center load, providing potential further upside to our capital plan as we advance these negotiations. As a result of this first data center transaction and continued need to modernize our utility assets, our updated plan includes significant increases in utility investments for our customers and delivers 6%-8% operating EPS growth through 2030. We are confident we will reach the high end of our targeted range in each year, driven by RNG tax credits and the flexibility they provide.

This plan supports our continued strategic shift toward higher quality utility earnings fueled by increased demand, continues our efforts to build the grid of the future while transitioning to cleaner generation, and demonstrates our ongoing commitment to affordability for our customers. I will share additional details of our plan over the next few slides. Dave will give an overview of our third quarter results, 2025 guidance, and 2026 early outlook, and then we will open it up for your questions. I'll start on slide 4 by saying that we are continuing to deliver strong results in 2025, and we are well positioned to hit the high end of the guidance this year. As always, our success is a testament to our dedicated and engaged team committed to serving our customers and communities.

I am extremely proud that our team was recognized by the Gallup organization for the 13th consecutive year with a Great Workplace Award, and our employee engagement ranks in the 94th percentile globally among thousands of organizations. We are well positioned to achieve the high end of our 2025 operating EPS guidance range. Looking ahead to 2026, our early outlook reflects operating EPS growth of 6%-8% over our 2025 guidance midpoint, and we are confident in our ability to deliver at the higher end of that range. Let me move to slide 5 to provide more details on our long-term plan. We are in an exciting time for our industry and for DTE Energy, and we are focused on seizing the opportunity to deliver for our customers, communities, and investors.

We're increasing our five-year capital investment plan by $6.5 billion compared to the prior plan, driven by the data center transaction and the continued need to modernize our utility assets at DTE Electric. The additional investments are strategically focused to support data center load growth, advance cleaner generation, and to enhance distribution infrastructure that will drive continued improvements in reliability. DTE Gas is focused on system reliability and infrastructure renewal, ensuring safe, efficient service for our customers while modernizing our network. DTE Vantage will continue to prioritize investments in utility-like long-term fixed fee contracted projects, which aligns well with our strategy to deliver stable, predictable earnings for our investors. Our investment plan supports a further strategic shift toward higher quality utility earnings over the next five years, targeting utility operating earnings to increase to 93% of our overall earnings by 2030.

Importantly, data center opportunities are helping drive this shift as we allocate additional capital to serve this load, which further supports affordability for existing customers. We have incorporated a more conservative growth outlook for DTE Vantage, which is largely influenced by commodity pricing assumptions in our longer-term forecast. As part of our most recent strategic analysis, we evaluated a range of pathways to drive sustainable long-term value. This effort reinforced our conviction that leaning into our core utility business while taking a more conservative view at DTE Vantage will best position us to deliver value for our customers and for our investors. As you can see in the appendix of this presentation, the 2030 outlook for DTE Vantage is flat to 2025 guidance as our solid project development pipeline offsets the expected roll off of 45Z production tax credits after 2029.

We're confident this approach also positions us well for consistent future growth as we expect to continue to make progress on additional data center opportunities that will deliver upside to our base plan. Let me move to slide 6 to highlight updates to our capital plan at DTE Electric. Our updated capital investment plan at DTE Electric provides a $6 billion increase over the prior plan, driven by the data center transaction and customer-focused initiatives that align with our long-term strategy.

New storage investment to support the increased data center load. Importantly, this incremental storage investment is fully funded by the data center customer. The plan also includes renewable investments that support the continued success of our MIGreen Power Voluntary Renewables Program and fulfill the requirements of the legislated Clean Energy Plan. To ensure reliable baseload generation as we transition away from coal, we are planning the construction of a combined cycle gas turbine to replace our retiring coal plant. We are submitting a competitive bid for the 2026 Integrated Resource Plan all source RFP for a new combined cycle gas turbine to replace Monroe Power Plant. We're also continuing to invest in distribution infrastructure to harden the grid and improve reliability for our customers.

These grid investments are already delivering results, driving a nearly 90% improvement in the duration of outages since 2023 as we make strong progress toward our goal of reducing power outages by 30% and cutting outage time in half by 2029. Our current rate case filing supports these reliability investments while remaining focused on customer affordability. This filing includes a request for approximately $1 billion in distribution spending to be included in the infrastructure recovery mechanism by 2029, which was largely supported by the MPSC staff in its recent testimony. The infrastructure recovery mechanism will help drive consistent, predictable investments in grid modernization to improve reliability for our customers while also simplifying future regulatory proceedings. The order for this case is expected at the end of February.

Overall, I'm thrilled about the opportunities ahead for DTE Electric as we continue our efforts to improve reliability for our customers, transition to cleaner generation, and execute on economic development opportunities to drive load growth and support affordability for our customers. Let me move to slide 7 to provide an update on our advancement of data center opportunities. As I mentioned, we successfully executed a significant agreement to support 1.4 GW of new data center load, representing a major step forward in our utility growth strategy while also delivering meaningful affordability benefit to our existing customers. The demand is expected to ramp up over the next two to three years, giving us a clear runway to align infrastructure development and resource planning with customer needs.

While we can use existing capacity to support this ramp, we'll also need to invest in new energy storage solutions to meet the full capacity requirements. Our updated plan includes nearly $2 billion of incremental energy storage investment and additional tolling agreements to support this data center load. Given our excess capacity, we will use our existing industrial tariff for this customer and combine it with an energy storage contract to support the incremental storage investment. We are including key terms in these agreements that will protect existing customers, including a 19-year power supply contract with minimum monthly charges. The data center will fund its own storage needs through a 15-year energy storage contract. These terms are important to us and our customers as we ensure the data center revenue supports the required investment to meet this new demand.

We plan to submit our regulatory filing tomorrow requesting approval of the data center contract. Energy storage investments will begin ramping in 2026 to align with the projected increase in data center load. As I mentioned, we also have additional data center opportunities beyond this initial 1.4 GW. We are in advanced discussions with additional hyperscalers for over 3 GW of new load and we have a pipeline of an additional 3 GW-4 GW behind that. We also expect longer-term growth opportunities through the expansion of these initial hyperscaler projects. The generation investments that will be needed to support these additional opportunities could very well come into the back end of our five-year plan, providing incremental capital investments above what we are laying out for you today.

A key step in preparing for the development of new generation to support large data center loads is integrating these requirements into our next IRP filing, which we expect to file next year. A lot of great opportunities are ahead of us on the data center front. We will continue to provide updates along the way as things progress. Let me move to slide 8 to discuss our commitment to customer affordability. We have a history of executing on our investment plan with a sharp focus on customer affordability. As you can see on the chart, our average annual bill increase over the last four years is significantly lower than the national average and Great Lakes average. We remain committed to maintaining this focus on affordability throughout our plan.

We are advancing on a number of initiatives to support affordability for our customers while continuing to invest and support our key priorities. Importantly, near term data center growth will help create substantial affordability headroom for our existing customers as we sell our excess generation. Our continuous improvement culture will ensure O&M and capital investments remain efficient. The shift from coal to natural gas and renewables also helps to further reduce O&M costs while our diverse energy mix ensures economic fuel cost for our customers. Finally, the IRA provisions support the renewable energy investments while supporting customer affordability goals. To wrap up my comments, I'll say I'm very excited about our long term plan and the opportunities we have ahead of us to continue to deliver for all of our stakeholders, including excellent service to our customers and communities and continued strong financial performance for our investors.

I'm looking forward to spending more time with many of you at EEI to discuss our updated plan. With that, I'll hand it over to Dave. Over to you, Dave.

Thanks Joi. Good morning everyone. Let me start on Slide 9 to review our third quarter financial results. Operating earnings for the quarter were $468 million. This translates into $2.25 per share. You can find a detailed breakdown of EPS by segment, including our 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 $541 million for the quarter. Earnings were $104 million higher than the third quarter of 2024. The main drivers of the variance were timing of taxes and rate implementation, partially offset by higher O&M and rate base costs. The impact from the timing of tax for the quarter was fairly significant at $63 million favorable relative to third quarter 2024. This is due to the timing of investment tax credits associated with when our solar projects are placed into service.

This timing was known and built into our plan, and the remaining year-to-date timing favorability of $33 million relative to 2024 will reverse in the fourth quarter. Moving on to DTE Gas, operating earnings were unfavorable $38 million, which is $25 million lower than the third quarter of 2024. The earnings variance was primarily driven by higher O&M and rate base costs. With our confidence that we will hit the top end of our overall DTE operating EPS guidance range this year, we've been able to unwind one-time lean operational measures and other unsustainable reductions that were implemented over the past few years at DTE Gas to counteract warmer weather. This will likely bring this segment in below its guidance range in 2025. Let me move to DTE Vantage on the third row. Operating earnings were $41 million for the third quarter of 2025.

This is an $8 million increase from 2024, driven by RNG production tax credits in 2025, partially offset by lower steel-related revenues. We remain on track for the full year guidance at DTE Vantage. On the next row, you can see Energy Trading earned $23 million for the quarter. We continue to experience strong margins in our contracted and hedged physical power and gas portfolios. On a year-to-date basis, we are currently above the high end of operating earnings guidance for this segment. This strong performance places us in a favorable position to leverage any potential further upside across DTE to continue to provide flexibility for future years. Finally, Corporate and other was unfavorable by $77 million quarter-over-quarter due primarily to the timing of taxes, which will reverse by year end, as well as higher interest expense.

Overall, DTE earned $2.25 per share in the third quarter of 2025, which positions us well to achieve the high end of our guidance range in 2025. Let's move on to slide 10 to discuss our 2026 outlook. As Joi mentioned, we are well positioned to deliver another strong year in 2026. Our 2026 early outlook range is $7.59 per share  to $7.73 per share, which provides 6%-8% growth over our 2025 guidance midpoint. We are confident that we will deliver at the high end of the guidance range through the flexibility that the 45Z tax credits provide. Utility growth will be driven by customer-focused investments, including distribution and cleaner generation investments at DTE Electric and main renewal and other infrastructure improvements at DTE Gas. DTE Vantage will see growth from the development of new custom energy solutions projects and continued contributions from RNG production tax credits.

At Energy Trading, we continue to see strength in both our structured physical power and physical gas portfolios, giving us confidence in our targets as we head into 2026. We will share additional details on 2026 during our fourth quarter call. Following the close of a strong 2025, let's turn to slide 11 to 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've increased our planned equity issuances. We are targeting annual issuances of $500 million-$600 million in 2026 through 2028. This level of equity supports the capital but is now coming earlier in this plan relative to our prior plan.

The increased equity will help fund the increase in our capital plan, including the storage investments related to our data center agreement, while ensuring that we maintain a strong balance sheet. We will continue to maximize the use of internal mechanisms to issue equity but will also incorporate manageable external issuances. Our five-year plan fully incorporates the equity needs and continues to deliver 6%-8% operating EPS growth with a bias toward the upper end each year through 2030. Our long-term plan also includes debt refinancing and new debt issuances. We expect to strategically utilize hybrid securities to support our financing plan, and we will continue to manage future debt issuances through interest rate hedging and other opportunities. Importantly, we continue to focus on maintaining our strong investment-grade credit rating and solid balance sheet metrics as we target an FFO-to-debt ratio of approximately 15%.

This plan ensures that DTE Energy continues to be well positioned to make the necessary investments for our customers while delivering the premium total shareholder returns that our investors have come to expect over the past decade with strong utility growth and a dividend growing with operating EPS. Let me wrap up on slide 12, and then we will open the line for questions. Our team continues our commitment to deliver for all of our stakeholders. We are delivering solid results in 2025. We are on track to achieve the high end of our operating EPS guidance range, and we are confident we will achieve the high end of our 2026 early outlook again due to the flexibility that the 45Z tax credits provide.

Our updated five-year plan provides high-quality long-term 6%-8% EPS growth through increased customer-focused utility investment, which increases our utility operating earnings to 93% of our overall earnings by 2030. This plan increases our five-year capital investment by $6.5 billion over the previous plan, supported by the data center transaction and the continued need to modernize our utility assets. Additional data center opportunities provide potential upside to this five-year capital investment and EPS growth plan. We continue to target 6%-8% long-term operating EPS growth with 2026 operating EPS midpoint as the base for this growth. We are confident that we will reach the high end of our target range each year, driven by RNG tax credits and the flexibility they provide, and we continue to target a strong dividend that grows with operating EPS.

Overall, we are well positioned to deliver the premium total shareholder returns that our investors have come to expect with a strong balance sheet that supports our capital investment plan. With that, thank you for joining us today and look forward to seeing many of you at EI. We can open the line for questions.

At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Shar Pourreza with Wells Fargo. Your line is now open. Please go ahead.

Good morning. Can you hear me? Morning. Obviously, the upside slide seems fairly material around incremental data center opportunities. Are the data center deals an inflection point to rebase higher, shift that 6%-8% CAGR, or should we still assume, lengthen and strengthen? What do you need to see to revisit that guided trajectory, especially since some of it can hit the back end of the plan and you're already growing at the higher end? Thanks.

Hey Shar and good morning. Question. Yeah, we're really excited about the first 1.4 GW deal we have on the table, and we feel well positioned to execute on that. We're continuing conversations. As I mentioned in the intro, we've got 4 GW, 3 GW-4 GW that we're continuing to work with hyperscalers with a total pipeline of roughly. That said, as we are advancing these negotiations, our intent would be to find terms that we can then and the ramp that we can then incorporate into our next year's IRP and then determine the generating resource to support that load. It could be a large generating load or a combination of batteries and renewables. The intent would be to get it into the five year plan if at all possible. That would give us growth opportunities above and beyond where we are today.

We feel really good about the deal we have on the table and our ability to execute on it.

Okay, got it. Is it accretive to the 6%-8%? How do we sort of think about how you currently guide?

I think that is a fair assumption that it would be upside to our current 6%-8%.

Perfect, thank you. Obviously, you noted a more conservative outlook for DTE Vantage due to commodity pricing. I guess what are you seeing on the energy service side, and does it make sense to monetize certain assets, especially with the inflection of equity needs starting in 2026.

Yeah, we're continuing our focus on our energy service business line and DTE Vantage. We're working on a behind the meter project, in fact, outside the state of Michigan for our data center, and that could be an additional vertical that we pursue. You know, DTE Vantage has been a really great part of our portfolio for over 20 years with a really strong BD pipeline and opportunities for really good returns. As always, we look for ways.

We don't have anything imminent right now, but it's something that we'll continue to examine.

Big congrats, Julie, on your first earnings call. I know Jerry's listening. He's proud. Just keep that dividend growing for him now that he's on a fixed income. Appreciate it, guys.

Thank you for that. Your next question comes from the line of Jeremy Tonette with JPMorgan. Please go ahead.

Hey, guys, good morning. This is actually Aidan Charles Kelly on for Jeremy.

Yeah, just regarding the EPS CAGR, is the right math to think about like 2026 high end and then growing 8% off that until 2030? Or should we think about the EPS CAGR kind of being based off the midpoint each year?

Midpoint each year is the way we guide, and the 45Zs give us the potential to hit the upside, the top end of our range. As you know, those 45Zs extend through 2029.

Okay, that's helpful. Just on the incremental load, maybe just like, how much should we think about the load is needed to trigger a new gas plant versus just more energy storage at this point? I mean, when you look at the 7 GW pipeline, how should we think about what's needed for new baseload versus just like incremental storage?

Yeah. Think of it this way. Any new data center load that we bring on after this 1.4 GW will require additional resources. If we bring on something in the gigawatt range, it would require a combined cycle to support it. Anything lower than that, we could do a combination of either smaller combined cycle gas turbine and some renewables and batteries. We'll know all of that for certain once we sign the deal and incorporate it into next year's IRP. That will really, really dictate the resource requirements and the resource mix.

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

Hey, congratulations again to Joi and to the whole team here. Nicely done here, I gotta say, and nicely done on firming up this contract here, as you say. Now, with that said, and just to follow up on some of the last questions here, how do you think about the data center timing here? You talk about it being accretive to the plan. How do you think about the timeline for its ramp? I know that you already cautioned that it wasn't entirely clear cut, but how do you think about it being accretive versus perhaps serial and an extension of the six day? We don't mean to nitpick too much here, but I think we heard your comments earlier and I just wanted to come back and understand when that would really start to kick in and be accretive.

Yeah, you can think of it toward the tail end, given just the lead times on some of the materials and the construction cycle. Julien, you could think of it toward the back end of our plan. Call it, you know, late 2029 into the early 2030s.

Got it. That uptick would potentially be probably that first year, really would be that 2030 timeframe. The question would be how sustained that elevated growth rate would be predicated on the success of the 3 GW in late stage negotiations.

I'll repeat, we're going to take all of this and incorporate it into next year's IRP. That will dictate not only the timing, but the right resource mix, which will then drive timing of construction, lead times for materials and such.

Indeed, your owned versus a contracted piece, et cetera, et cetera.

Perfect. All right, I've taken enough. Thank you guys very much. I appreciate it. Good luck and congrats again.

Your next question comes from the line of David Keith Arcaro with Morgan Stanley. Please go ahead.

Hey, I was wondering, just on the advanced stage data center pipeline, is there any rough timing for when you'd expect the potential to finalize those deals and bring them forward or advance other projects maybe from the earlier stage pipeline into the advanced stage pipeline? What's the pace of crystallization of some of the projects?

Yeah, thanks for the question. We're in active negotiations and we have been for some time. We are still settling on some key terms and ramp rates. I would envision that we would have at least an idea of the ramp and firming up some of the terms before we file next year's IRP. We're pulling that forward, that's the idea, into the third quarter. We would want to be able to understand the ramp, understand exactly when that ramp would lay out over a five-year plan, and incorporate it into our modeling so we can put it into the IRP.

Okay, perfect. That's helpful. You pique my interest with the behind the meter project that you're working on for DTE Vantage for a data center. I was just wondering if you might be able to elaborate on maybe how big of a project that might be, what kind of power generation technology you're using. Any thoughts on maybe how returns stack up for that type of a project versus others in the DTE Vantage pipeline? Curious about that overall opportunity.

We're still in discussions with the data center provider. It's primary power, so it's behind the meter. You can think of that as more like CTs. It's a little too early for us to give a lot of details around this deal. We haven't fully closed it yet, but it's a really good opportunity for the Vantage team and it's right down the fairway if you look at our skill set as an enterprise. This is just a really good example of the type of projects Vantage has in the pipeline that supports their income targets. We'll look for additional opportunities like that should they become available. We'll keep you posted as things develop.

Awesome. All right, sounds good. Thanks so much.

Your next question comes from the line of Bill Appicelli with UBS. Please go ahead.

Hey, good morning. Just a question around the rate case and the IRM. I guess what is the potential upside for investment there? You know, should more supportive regulation and decisions come your way in terms of just the capital outlook on that mechanism?

Yeah. Just to give clarity, the IRM, the investments are already in our plan. What we did hear back from the staff was strong support for the investment profile that we laid out in the case and the pace. Our intent though is to continue to grow the IRM in future cases. In this case we requested up to $1 billion beginning in 2027. What we were really happy to hear, the staff support even a pull forward. They did pull out maybe $200 million of the pull top maintenance and suggested that should get incorporated into our existing IRM in 2026. That would be incremental IRM spend that would show up next year should we get that final ruling in 2026 in February. Again, it just showcases that we're aligned with the staff on the type of investments we need to make to improve reliability and the pace.

Okay, great. Just taking a step back, we think about the broader growth rate through 2030. Just to be clear, when you guys say bias to the upper end, that's with the plan as it stands here today. Would that need to require some additional capital to push you to the upper end? I just want to clarify that. Would that be then, to the points made earlier, upside to the plan overall?

That 6-8 through 2030 is our plan that we've laid out here today. We say we have a bias to the upper end in each year in that plan due to the 45Z tax credits and flexibility that they provide. Joi talked about the additional opportunities we have with additional data centers that would drive some additional upside to that plan.

Okay, so when we talk about the through 2030, which is post the tax credits, when you talk about the bias of the upper end, extending out that far, that reflects just the capital plan as it stands today.

Yeah, we see it when we get to 2030, because of the 45Zs. Also, you have flexibility year to year. We think there's opportunity in 2030 to hit the upper end that year too of the six to eight range.

Your next question comes from the line of Michael Sullivan with Wolfe Research. Please go ahead.

Hey guys, sorry, just wanted to pick right up on that last question. Dave.

What is it that pushes you to the high end? Is there like some way you.

Can continue to book those a year beyond the expiration or just.

Just a little more color on that would be helpful.

Yeah, what we see with these 45Zs is flexibility. Right. We've been able to, as we've done this year, find ways to pull forward some expenses to help future years. We just see that favorability from 2029 helping us in 2030 as well to be able to be in a good position to reach the higher end when we get out there too.

Okay, that's really helpful. Another one for you, Dave. I think in the past you may have all pointed to more of like.

A 15%-16% FFO-to-debt range, and looks like now just 15%. Any color on what?

I'll just say, Mike, we have got great growth opportunity in our utility as we're doing this work that Joi described for reliability and cleaner generation, also the data center. We're comfortable targeting this 15% range, continues to give us the right cushion over the thresholds that we think, and it puts us in a really good place. Remain committed to having a good balance sheet, and we're working with the rating agencies to ensure they fully understand our financing plan, really our strong cash flows too, and they'll be comfortable with it going forward.

Okay, and one last quick one. Just the $2.5 billion for CCGT investment. You're, I think you're building a 1.5 GW plant.

Is that the full amount, or are you not capturing the full investment in the five year? The plan itself could cost a little more than that, because that just seemed a little on the lower end.

I would have thought of what a combined cycle would cost.

Yeah, it trails into 2031. It trails into 2031, so beyond the five year.

Your next question comes from the line of Andrew Marc Weisel with Scotiabank. Please go ahead.

DTE Energy (DTE) Q3 2025 Earnings Call Transcript

Company Participants