Here are a few brief analogies for DTE Energy:

• Comcast for electricity and natural gas.

• Verizon for your home's energy needs.

• Electricity Service: Provides electricity generation, transmission, and distribution to residential, commercial, and industrial customers primarily in southeast Michigan.
• Natural Gas Service: Delivers natural gas to residential, commercial, and industrial customers across Michigan.
• Power and Industrial Energy Services: Develops and operates energy infrastructure and solutions, including renewable energy projects, for large industrial and institutional customers nationwide.

DTE Energy (symbol: DTE) is a diversified energy company, primarily operating as a public utility providing electricity and natural gas services within Michigan. As a utility, DTE Energy serves a broad and diverse customer base rather than having a few "major customers" in the traditional business-to-business (B2B) sense.

The company primarily sells electricity and natural gas directly to end-users within its service territory. Its customer base can be broadly categorized into the following three segments:

1. Residential Customers: This segment includes individual households that use electricity for lighting, heating, cooling, and operating appliances, and natural gas for heating, cooking, and water heating.

2. Commercial Customers: This category encompasses a wide range of businesses, including small and medium-sized enterprises such as retail stores, offices, restaurants, hospitals, schools, and other service-oriented establishments. These customers use electricity and natural gas for their operational needs.

3. Industrial Customers: This segment comprises large manufacturing facilities, factories, and other industrial operations that require significant amounts of electricity and natural gas for their production processes, machinery, and heating needs.

Joi Harris, President and Chief Executive Officer

Joi Harris became President and Chief Executive Officer of DTE Energy in 2025. Her career with DTE spans over 30 years, beginning when she joined DTE Gas (formerly Michigan Consolidated Gas Company) in 1991. She has held various leadership positions, including roles in distribution field operations, system control, and transmission operations. Prior to her CEO appointment, Harris served as Chief Operating Officer, overseeing DTE Electric and DTE Gas utilities, Customer Service, Information Technology, Corporate Services, and Environmental Management and Safety. She also served as President and Chief Operating Officer of DTE Gas and led the construction of renewable energy projects and the company's Blue Water Energy Center.

David Ruud, Executive Vice President & Chief Financial Officer

David Ruud is the Executive Vice President and Chief Financial Officer of DTE Energy, a position he assumed in May 2020. He joined DTE in 2005 and has accumulated extensive experience across the company's various businesses through several senior leadership roles. Before his current position, Ruud was Senior Vice President of Corporate Development and Strategy, where he helped shape company strategy and evaluate growth opportunities. Upon joining DTE, he led what is now DTE Vantage. Prior to his time at DTE Energy, Ruud was a vice president and partner at L.E.K. Consulting, an international consulting firm, where he directed consulting engagements as the leader of the North American Energy practice.

Jerry Norcia, Executive Chairman

Jerry Norcia is the Executive Chairman of DTE Energy's board of directors. He served as the Chief Executive Officer of DTE from July 2019 to September 2025. Before becoming CEO, Norcia was President and Chief Operating Officer, overseeing the electric and gas utilities and two large non-utility businesses. He joined DTE in 2002 as president of the gas storage and pipelines business. With over 30 years of experience in the energy industry, his background includes executive leadership, business development, engineering, and operations. Prior to joining DTE, Norcia was vice president of business development for Union Gas.

Trevor F. Lauer, Vice Chairman & Group President

Trevor F. Lauer is Vice Chairman and Group President for DTE Energy, responsible for leading the company's growth, business development, regulatory, and corporate and government affairs organizations. He joined DTE Energy in 2005, having previously served as president and chief operating officer of DTE Electric and senior vice president of Distribution Operations. Before joining DTE, Lauer was an executive vice president at Strategic Energy LLC, a nationwide energy supplier. He also held leadership and general management positions at Honeywell, Inc. Notably, prior to his tenure at DTE Energy, Lauer co-founded multiple energy-related businesses, including Electric Lighting Concepts, Custom Energy, and Pittsburgh-based Strategic Energy. Strategic Energy LLC, where he was an executive vice president, was later acquired by a subsidiary of Pepco Holdings Inc. in 2007 and then by Direct Energy in 2009.

Mark Stiers, President, DTE Vantage and Energy Trading

Mark Stiers is the President of DTE Vantage and President of DTE Energy Trading. In these roles, he manages the day-to-day activities, strategic planning, business development, financial management, and general administration for DTE Vantage, and oversees the growth of DTE Energy Trading. Stiers joined DTE Energy in 2006. His previous positions at DTE include president and chief operating officer of DTE Gas and vice president, Gas Sales and Supply for DTE Gas. Prior to DTE, Stiers held several executive positions with other sales and marketing companies, including WPS Energy and Engage, where he focused on delivering wholesale and retail energy products and services across multiple states.

Key Risks to DTE Energy's Business

1. Regulatory Environment and Rate Cases: As a regulated utility, DTE Energy's financial health is heavily influenced by decisions from regulatory bodies, particularly the Michigan Public Service Commission (MPSC). The approval of rate increases necessary to recover significant capital expenditures (e.g., for grid modernization and clean energy transition) is crucial. Delays or unfavorable outcomes in rate cases, as well as prolonged regulatory scrutiny of major projects like data center power contracts, could significantly impact the company's future regulatory framework, earnings profile, and ability to add new investments to its rate base.
2. Debt Burden and Capital Expenditures: DTE Energy operates with a significant debt burden, with a debt-to-equity ratio of approximately 2.05x. The company has ambitious capital expenditure plans, earmarking approximately $30 billion through 2029 for grid modernization and its clean energy transition. While these investments are critical for future growth and reliability, the ability to finance such substantial spending and manage its elevated debt levels, especially in a dynamic interest rate environment, presents a key financial risk.
3. Non-Regulated Businesses and Market Volatility: Approximately 15% of DTE Energy's total earnings come from non-regulated operations, which introduces additional risks and volatility to its earnings profile. The energy trading segment, in particular, is exposed to market volatility and fluctuations in commodity prices. This exposure can lead to less predictable earnings patterns compared to its regulated utility businesses, potentially making it challenging for DTE to consistently meet investor expectations.

DTE Energy faces clear emerging threats from two primary areas:

• Increased adoption of Distributed Energy Resources (DERs): The growing deployment of customer-sited generation, primarily rooftop solar, combined with battery storage solutions, poses a threat to DTE's traditional utility model. As these technologies become more affordable and prevalent, customers generate more of their own electricity and reduce their reliance on purchasing power from DTE's centralized grid. This trend can lead to reduced electricity sales volumes for DTE, impacting future revenue growth and potentially necessitating changes to rate structures to recover fixed grid infrastructure costs.

• Long-term transition risk for its natural gas utility business: There is increasing policy and regulatory pressure, driven by climate goals, to reduce reliance on natural gas for heating and other applications, including potential electrification of buildings. This long-term trend, though varying in pace by region, creates a risk of declining demand for DTE's natural gas services and potential for stranded assets within its natural gas pipeline and distribution infrastructure as the energy transition progresses.

null

DTE Energy (symbol: DTE) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and investments:

1. Increased Capital Investment and Infrastructure Modernization: DTE Energy has significantly increased its five-year capital investment plan for 2026-2030 to approximately $36.5 billion, representing a 22% increase over the previous plan. Of this, $30 billion is specifically allocated to its electric utility operations. This substantial investment aims to modernize utility assets, enhance grid reliability, and support the transition to cleaner energy sources. These ongoing infrastructure upgrades are crucial for improving customer safety, reliability, and integrating new technologies.
2. Growth in Data Center Load: A significant driver of DTE's increased capital plan and future revenue is the escalating demand for electricity from data centers. The company has finalized an agreement to support 1.4 gigawatts of data center loads from a leading hyperscaler and is actively negotiating an additional 3 gigawatts of data center load. This growth is expected to provide substantial affordability benefits for existing customers by contributing to the energy infrastructure and ensuring new data center customers cover their associated costs.
3. Expansion of Renewable Energy and Clean Generation: DTE is making heavy investments in wind, solar, and battery storage projects as part of its commitment to reducing carbon emissions and achieving net-zero targets by 2050. These efforts also align with Michigan's renewable energy standard of 60% by 2035. The company has launched new solar parks and battery energy storage centers, demonstrating a strategic shift toward cleaner generation.
4. Constructive Rate Cases and Regulatory Approvals: DTE Energy consistently engages in rate cases to adjust electricity and natural gas pricing, which are essential for funding its extensive capital investments and maintaining financial stability. While rate adjustments are subject to regulatory scrutiny by the Michigan Public Service Commission (MPSC) and may be modified from initial requests, the company's financial outlook for 2025 and 2026 anticipates continued earnings growth, supported by a constructive regulatory environment that allows for ongoing investments.
5. Electric Vehicle (EV) Charging Infrastructure Development: DTE is expanding the electric vehicle charging network across Southeast Michigan through its proposed Transportation Electrification Plan. This plan includes providing $124.8 million in rebates for home, business, and public EV charger installations between 2025 and 2028. The widespread adoption and increased use of EVs are expected to boost electricity consumption, particularly during off-peak hours, thereby contributing to DTE's revenue growth.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• DTE Energy reported no net common equity repurchases for 2023 and 2024.
• In 2022, DTE Energy had net common equity repurchases of $1.245 billion.
• Quarterly stock buybacks for June 30, 2025, were $0.00.

Share Issuance

• In 2022, DTE Energy issued approximately 11.9 million shares of common stock, generating proceeds used to retire $1.25 billion of maturing debt.
• The company anticipates minimal equity issuance, capped at $100 million annually through 2027.
• Basic shares outstanding increased by 5.64% in 2023 and 0.49% in 2024.

Capital Expenditures

• DTE Energy's capital expenditures were $3.378 billion in 2022, $3.934 billion in 2023, and a record $4.467 billion in 2024.
• The company plans to invest a total of $4.4 billion in 2025, with nearly $3 billion invested through the third quarter.
• DTE Energy announced an expanded five-year capital expenditure plan (2025-2029) totaling $30 billion, an increase of $5 billion, primarily focused on enhancing grid reliability and accelerating the clean energy transition. Key focuses include 3,200 MW of new solar, 1,000 MW of wind, and 430 MW of battery storage by 2029, alongside significant investments in grid modernization and natural gas infrastructure.