DTE Energy provided a business update highlighting significant growth driven by data center development. The company has executed agreements for 2.4 GW of new data center load, including a 1.4 GW Oracle project and a 1.0 GW Google project. This growth underpins the company's increased five-year capital investment plan and its long-term earnings guidance.
Key Details
- Data Center Agreements: The company has executed agreements for 2.4 GW of new capacity, including a 1.4 GW project with Oracle (approved) and a 1.0 GW project with Google (submitted for approval). The Google project and an additional 5-6 GW pipeline of opportunities are considered upside to the current plan.
- Capital Plan & EPS Guidance: DTE reaffirmed its long-term operating EPS growth target of 6% to 8% through 2030, stating confidence in reaching the high end of the range. The five-year (2026-2030) capital investment plan is now $36.5 billion to support data center load and grid modernization.
- Financing & Regulatory Impact: To support the increased capital needs, the company plans annual equity issuances of $500-$600 million from 2026-2028. The new data center load could potentially allow DTE to delay its next electric rate case filing until at least 2028.