DTE Energy

DTE Energy is a utility holding company based in Detroit, Michigan. DTE Electric supplies electricity in southeast Michigan, and DTE Gas supplies natural gas across Michigan. The company also has DTE Vantage, which owns renewable natural gas and other energy projects, and an energy trading business.

The Michigan Public Service Commission (MPSC) sets its rates. DTE plans to retire all its coal plants by 2032 and to add solar, wind, battery storage and natural gas plants. It has signed contracts to serve a 1.4 gigawatt Oracle data center, which is under construction, and a 1 gigawatt Google data center, which awaits MPSC approval.

The market prices DTE for a costly building plan that needs new shares and fair rate orders. DTE plans to issue $500 million to $600 million of new equity each year from 2026 to 2028, because it added about $3.5 billion of capital to serve data centers and build new plants. In February 2026, the MPSC approved a $242 million annual increase for DTE Electric, well short of the $574 million that it asked for. DTE asked for a further $474 million in April 2026.

Customer bills and affordability are political issues in Michigan. For the gap to close, three things must be true. The MPSC must give a fair order on the 2026 electric rate case, which DTE expects in February 2027. The MPSC must approve the Google data center contract, and DTE must sign a further data center agreement by the end of 2026, as it targets.

Operating EPS must reach the 2026 guidance of $7.59 to $7.73 and keep growing 6% to 8% a year. The Q3 2026 report on November 5, 2026 gives the next test. The rate order in February 2027 is the main test. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a weak rate order, which cuts the return on the large investment plan.

1. Nov 5, 2026Pending

   Q3 2026 earnings: guidance and data centersOperating EPS on track for the high end of the $7.59 to $7.73 guidance and progress on a new data center agreement pass; lower guidance or a delay of the Google contract fails.
2. Feb 2027 · est.Pending

   MPSC order on the 2026 electric rate caseAn order that grants a large part of the $474 million request with a return on equity near 9.9% or higher passes; an order for much less, or a lower return on equity, fails.

Every passed and failed checkpoint across all picks

DTE funds its utility investments with mortgage bonds, senior notes, junior subordinated debentures and equity. At June 30, 2026, debt was $27.6 billion, which includes $1.69 billion due within one year, $22.9 billion of mortgage bonds, notes and other debt, $2.46 billion of junior subordinated debentures and $542 million of securitization bonds. Read more

• The MPSC sets DTE's rates and returns. In February 2026, it approved less than half of the electric increase that DTE asked for. Another weak order can reduce earnings growth.
• The growth plan needs $500 million to $600 million of new equity each year from 2026 to 2028, plus more junior subordinated debt. A lower share price makes each issue more dilutive.
• Much of the extra growth depends on data centers. The Google contract still needs MPSC approval, and a delay of the first data center past 2027 can change DTE's plan to pause rate cases.
• DTE Vantage earnings depend on renewable natural gas tax credits and on the prices of environmental attributes. Changes in tax law or prices can lower these earnings.

• September 28, 2026DTE gave investors a business update. It said that construction of the 1.4 gigawatt Oracle data center has started and that it submitted the 1 gigawatt Google data center contract to the MPSC. It targets one more data center agreement by the end of 2026 and plans equity issues of $500 million to $600 million each year from 2026 to 2028.
• July 28, 2026DTE reported Q2 2026 results. Reported earnings were $1.35 per share and operating earnings were $1.32 per share, compared with $1.36 a year earlier. DTE confirmed its 2026 operating EPS guidance of $7.59 to $7.73.
• June 18, 2026DTE sold $1.0 billion of 6.200% junior subordinated debentures due 2058.