Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

b43196e90a3b60e9e522430938e3d01483e443ee5b8a8dbe674ef50183ca23a3

DTE Energy is a diversified energy company headquartered in Detroit, specializing in the development and management of energy-related businesses and services across the United States **[0000936340-24-000196_exhibit991-093024.htm:3]** **[0000936340-24-000198_dte-20240930.htm:14]**. The company operates through several key segments, including DTE Electric and DTE Gas, which are public utilities providing electricity and natural gas to millions of customers in Michigan **[0000936340-24-000198_dte-20240930.htm:14]** **[0000936340-24-000196_exhibit991-093024.htm:3]**. Additionally, DTE Energy engages in non-utility operations through DTE Vantage, focusing on renewable natural gas projects and custom energy solutions, and Energy Trading, which involves energy marketing and trading activities **[0000936340-24-000198_dte-20240930.htm:14]** **[0000936340-24-000196_exhibit991-093024.htm:3]**.

1. **DTE Electric** - Generates, purchases, distributes, and sells electricity to approximately 2.3 million customers in southeastern Michigan.
2. **Energy Trading** - Engages in energy marketing and trading operations, contributing significantly to the company's non-utility revenue.
3. **DTE Gas** - Purchases, stores, transports, distributes, and sells natural gas to about 1.3 million customers throughout Michigan.
4. **DTE Vantage** - Focuses on renewable natural gas projects and provides custom energy solutions to industrial, commercial, and institutional customers.

cc8c70279d8a2a0e4a53ed5453f528f1ec8642b80ab864ca2af0cf0979ae5155

7d4bb0c6304da0bd6d6ae99f58b19400a0a61b2c2b49ea81ed2562d169ed7f6f

| Segment/Metric [Unit: $ Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Gas Sales**                    | N/A     | N/A     | N/A     | N/A     | **1,300**  **[0000936340-24-000090_dtegasexhibit991123123.htm:13]**  | **557**  **[0000936340-24-000119_dtegas-exhibit991x33124.htm:6]**  | **198**  **[0000936340-24-000180_dtegas-exhibit991x63024.htm:6]**  | **125**  **[0000936340-24-000198_dte-20240930.htm:23]**  |
| **End User Transportation**      | N/A     | N/A     | N/A     | N/A     | **250**  **[0000936340-24-000090_dtegasexhibit991123123.htm:13]**  | **82**  **[0000936340-24-000119_dtegas-exhibit991x33124.htm:6]**  | **53**  **[0000936340-24-000180_dtegas-exhibit991x63024.htm:6]**  | **45**  **[0000936340-24-000198_dte-20240930.htm:23]**  |
| **Intermediate Transportation**  | N/A     | N/A     | N/A     | N/A     | **85**  **[0000936340-24-000090_dtegasexhibit991123123.htm:13]**  | **29**  **[0000936340-24-000119_dtegas-exhibit991x33124.htm:6]**  | **16**  **[0000936340-24-000180_dtegas-exhibit991x63024.htm:6]**  | **15**  **[0000936340-24-000198_dte-20240930.htm:23]**  |
| **Other (Gas Segment)**          | N/A     | N/A     | N/A     | N/A     | **91**  **[0000936340-24-000090_dtegasexhibit991123123.htm:13]**  | **37**  **[0000936340-24-000119_dtegas-exhibit991x33124.htm:6]**  | **18**  **[0000936340-24-000180_dtegas-exhibit991x63024.htm:6]**  | **45**  **[0000936340-24-000198_dte-20240930.htm:23]**  |
| **Total Gas Operating Revenues** | N/A     | N/A     | N/A     | N/A     | **1,726**  **[0000936340-24-000090_dtegasexhibit991123123.htm:13]**  | **705**  **[0000936340-24-000119_dtegas-exhibit991x33124.htm:6]**  | **285**  **[0000936340-24-000180_dtegas-exhibit991x63024.htm:6]**  | **230**  **[0000936340-24-000198_dte-20240930.htm:23]**  |
| **DTE Electric**                 | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | **1,697**  **[0000936340-24-000198_dte-20240930.htm:23]**  |
| **DTE Vantage**                  | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | **190**  **[0000936340-24-000198_dte-20240930.htm:23]**  |
| **Energy Trading**               | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | N/A     | **840**  **[0000936340-24-000198_dte-20240930.htm:23]**  |

8c363b3dbd795bc5f73370b80f5a53bca97b3a90ccec897de9f8fec9ac4548f4

1. Given the significant capital investments required for grid reliability and clean generation, how confident are you that the Michigan Public Service Commission will approve your requested rate increases and the expansion of the infrastructure recovery mechanism, especially considering the emphasis on maintaining customer affordability?

2. The independent audit confirmed your proposed investment plan to reduce power outages by 30% and cut outage time in half by 2029; however, were there any critical findings or recommendations that might necessitate adjustments to your strategy or additional investments beyond what you've planned?

3. With the projected average annual residential bill growth of just over 1% from 2021 through 2025 despite substantial capital expenditures, how sustainable is this rate of bill increase in the long term, and do you foresee any potential for higher rate pressures on customers beyond 2025?

4. Regarding the potential need to design tailored tariffs for new large loads to prevent stranded asset risks, what specific strategies are you considering to ensure that these new customers contribute appropriately to infrastructure costs without adversely impacting existing customers' rates?

5. In your Vantage segment focusing on renewable natural gas and carbon capture solutions, can you elaborate on the profitability outlook and any significant risks or challenges you anticipate, particularly in advancing these projects amid evolving regulatory policies and technological developments?

b3f437894165858679e45da4f6a2b8c80ca1c7932708613f1e426c5698c90e86

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Operating EPS Growth**: 2024 operating EPS guidance midpoint provides **7% growth** over the 2023 original guidance midpoint. Long-term operating EPS growth target of **6% to 8%**  **[DTE_3403590_7]** **[DTE_3403590_6]** .
  2. **Capital Investment Plan**: Minimal equity issuances targeted at **$0 to $100 million annually through 2026**  **[DTE_3403590_6]** .
  3. **Credit Metrics**: Target FFO to debt ratio of **15% to 16%**  **[DTE_3403590_6]** .
  4. **Renewable Energy**: Plans to add **800 megawatts** to their renewable portfolio through new solar parks  **[DTE_3403590_3]** .
  5. **Reliability Improvements**: Aim to reduce power outages by **30%** and cut outage time in half by **2029**  **[DTE_3403590_5]** .
  6. **Voluntary Renewable Program**: Subscribed **2,500 megawatts** in their MIGreenPower program  **[DTE_3403590_8]** **[DTE_3403590_18]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Operating EPS Growth**: Long-term operating EPS growth target of **6% to 8%**  **[DTE_3394314_8]** **[DTE_3394314_1]** .
  2. **Full Year Guidance for Vantage**: Expected earnings between **$125 million to $135 million**  **[DTE_3394314_11]** .
  3. **FFO to Debt Ratio**: Target of **15% to 16%**  **[DTE_3394314_7]** .
  4. **Equity Issuances**: Annual issuances targeted at **zero to $100 million** through 2026  **[DTE_3394314_7]** .
  5. **2024 Operating EPS Guidance Midpoint**: Provides **7% growth** over the 2023 original guidance midpoint  **[DTE_3394314_7]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Operating EPS Growth**: Long-term operating EPS growth target of **6% to 8%**. 2024 operating EPS guidance midpoint provides **7% growth** over the 2023 original guidance midpoint  **[DTE_3380698_6]** .
  2. **Debt Financing Plan**: Completion within conservative planning assumptions  **[DTE_3380698_6]** .
  3. **FFO-to-Debt Ratio**: Target of **15% to 16%**  **[DTE_3380698_6]** .
  4. **Capital Investment Plan**: **$25 billion** over the next 5 years, with about 95% at their utilities  **[DTE_3380698_3]** .
  5. **Dividend**: 2024 annualized dividend of **$4.08 per share**  **[DTE_3380698_1]** .
  6. **Electric Rate Case**: Revenue requirement of about **$456 million**, targeting an ROE of **10.5%** with a 50-50 capital structure  **[DTE_3380698_14]** .
  7. **Main Renewal Program**: Targeting over **200 miles** of main renewal in 2024  **[DTE_3380698_2]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: N/A
- **Guidance**: The documents do not provide information about the guidance given in the Q4 2023 earnings call for DTE.

90c6cbecabddc2e875c57e836574648ea57c7ac7f9206590e3f08957fc7243bc

End-user Transportation [Bcf]

Intermediate Transportation [Bcf]

5b845eb87b3a17bdf3490079881c7874fe9c36445586f6ce020050680cdb309f

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

54fbb2c2c65c200c1ef296040fc88fe94591dff352b20643ba31adf21a6d4c91

| Name               | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| JoAnn Chavez       | Senior Vice President and Chief Legal Officer                            | October 28, 2019 | JoAnn Chavez is the **Senior Vice President and Chief Legal Officer** at DTE Energy. She has held this position since **October 28, 2019**  **[0000936340-24-000100_dte-20240307.htm:28]** **[0001558370-23-003598_dte-20230504xpre14a.htm:24]** **[0001558370-23-004430_dte-20230504xdef14a.htm:24]** .                                                                                           |
| Joi M. Harris      | President and Chief Operating Officer, DTE Energy Company                | July 3, 2023     | Joi M. Harris was appointed as the **President and Chief Operating Officer of DTE Energy Company** on **July 3, 2023**  **[0000936340-24-000070_dte-20230622.htm:0]** . Prior to this role, she served as the President and COO of DTE Gas Company starting on **October 25, 2021**  **[0001558370-23-003598_dte-20230504xpre14a.htm:24]** .   |
| Trevor F. Lauer    | Vice Chairman and Group President                                        | July 3, 2023     | Trevor F. Lauer is the Vice Chairman and Group President at DTE Energy. He has held the position of Vice Chairman and Group President since **July 3, 2023**  **[0000936340-24-000100_dte-20240307.htm:28]** . Prior to this role, he served as the President and COO of DTE Electric  **[0001558370-23-004430_dte-20230504xdef14a.htm:24]** **[0001558370-23-003598_dte-20230504xpre14a.htm:24]** .|
| Lisa A. Muschong   | Vice President, Corporate Secretary and Chief of Staff                   | November 2, 2015 | Lisa A. Muschong serves as the **Vice President, Corporate Secretary, and Chief of Staff** at DTE Energy. She has held this position since **November 2, 2015**  **[0000936340-24-000100_dte-20240307.htm:28]** **[0001558370-23-003598_dte-20230504xpre14a.htm:24]** **[0001558370-23-004430_dte-20230504xdef14a.htm:24]** .                                                                       |
| Tracy J. Myrick    | Chief Accounting Officer                                                 | June 21, 2021    | Tracy J. Myrick serves as the **Chief Accounting Officer** at DTE Energy. She has held this position since **June 21, 2021**  **[0001558370-23-003598_dte-20230504xpre14a.htm:24]** **[0001558370-23-004430_dte-20230504xdef14a.htm:24]** .                                                                                                            |
| Gerardo Norcia     | Chairman and Chief Executive Officer                                     | 2019 (CEO), 2022 (Chairman) | Gerardo Norcia is the **Chairman and Chief Executive Officer** of DTE Energy Company. He has been serving as Chairman since **2022** and as CEO since **2019**. Prior to these roles, he was the President of DTE Energy from **2016 to 2019**  **[0000936340-24-000100_dte-20240307.htm:12]** **[0001558370-23-004430_dte-20230504xdef14a.htm:10]** . |
| Matthew T. Paul    | President and Chief Operating Officer, DTE Electric Company              | July 3, 2023     | Matthew T. Paul serves as the **President and Chief Operating Officer of DTE Electric Company**. He assumed this position on **July 3, 2023**  **[0000936340-24-000100_dte-20240307.htm:28]** **[0000936340-23-000157_xslF345X02/wk-form3_1688565721.xml:0]** .                                                                                           |
| Robert A. Richard  | President and Chief Operating Officer, DTE Gas Company                   | July 3, 2023     | Robert A. Richard serves as the **President and Chief Operating Officer of DTE Gas Company**. He was appointed to this position on **July 3, 2023**  **[0000936340-24-000100_dte-20240307.htm:28]** .                                                                                        |
| David Ruud         | Executive Vice President and Chief Financial Officer                     | May 4, 2020      | David Ruud serves as the **Executive Vice President and Chief Financial Officer** of DTE Energy. He has held this position since **May 4, 2020**  **[0001558370-23-003598_dte-20230504xpre14a.htm:24]** .                                                                                           |
| Mark W. Stiers     | President and Chief Operating Officer, DTE Vantage and Energy Trading    | April 1, 2019    | Mark W. Stiers is the **President and Chief Operating Officer of DTE Vantage and Energy Trading** at DTE Energy. He has held this position since **April 1, 2019**  **[0000936340-24-000100_dte-20240307.htm:28]** .                                                                          |
| Deborah Byers      | Board of Directors                                                       | June 22, 2023    | Deborah L. Byers is a member of the Board of Directors at DTE Energy. She was elected to the board effective **June 22, 2023**, and her term will expire at the 2024 annual meeting  **[0000936340-24-000100_dte-20240307.htm:14]** **[0000936340-24-000100_dte-20240307.htm:11]** .                                                     |

f2da5f2e879fed8b2f344a8406af927a8c0a4419ede33a8f90903c4b836ba1c9

Electric

- Residential

- Commercial

- Industrial

- Other

- Gas Sales

- End User Transportation

- Intermediate Transportation

Gas Storage and Pipelines

Power and Industrial

DTE Vantage

Energy Trading

Corporate and Other

Reconciliation & Eliminations

Total Revenue

26200916b1c5bd50bdc6607c312134fc2f85f4f4b34d8ff7db6bdd132ebfde6e

**Annual guidance for FY 2024:**
- **Operating EPS Growth (2024 midpoint)**: 7%  **[DTE_3403590_7]** **[DTE_3403590_6]**  (no change from 7%  **[DTE_3394314_7]** )  
- **Long-term operating EPS growth target**: 6% to 8%  **[DTE_3403590_7]** **[DTE_3403590_6]**  (no change from 6% to 8%  **[DTE_3394314_8]** **[DTE_3394314_1]** )  
- **Capital Investment Plan**: $0 to $100 million annually through 2026  **[DTE_3403590_6]**  (no change from $0 to $100 million  **[DTE_3394314_7]** )  
- **Credit Metrics (FFO to debt ratio)**: 15% to 16%  **[DTE_3403590_6]**  (no change from 15% to 16%  **[DTE_3394314_7]** )  
- **Renewable Energy**: 800 megawatts  **[DTE_3403590_3]**  (no prior guidance)  
- **Reliability Improvements**: reduce power outages by 30% and cut outage time in half by 2029  **[DTE_3403590_5]**  (no prior guidance)  
- **Voluntary Renewable Program**: 2,500 megawatts subscribed  **[DTE_3403590_8]** **[DTE_3403590_18]**  (no prior guidance)  

13643143b8e1193968247a22300a5a6cd9d5bbc45c33028c0eadcd9b17466d9e

40c6dbd342b365fff0dd394fc020a7665679d2ae9094ff4fad8795375d83b55a

| Name                        | Start Date | End Date | Reason for Change |
|-----------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP | 2008       | Present  | Current auditor    **[0000936340-24-000076_dte-20231231.htm:77]**  |
```

3870d82aa327349e3cd5d650ca3353703c3511cff2bcd298d6e651fbc5e3158a

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $2,906 million (+1% YoY)  **[0000936340-24-000198_dte-20240930.htm:6]** **[0000936340-24-000198_dte-20240930.htm:58]** **[0000936340-23-000189_dte-20230930.htm:6]** **[0000936340-23-000189_dte-20230930.htm:10]** **[0000936340-23-000189_dte-20230930.htm:60]**   
- Net Income: $477 million (+44% YoY)  **[0000936340-24-000198_dte-20240930.htm:6]** **[0000936340-23-000189_dte-20230930.htm:6]** **[0000936340-23-000189_dte-20230930.htm:10]** **[0000936340-23-000189_dte-20230930.htm:60]**   
- Basic EPS: $2.30 (+43% YoY)  **[0000936340-24-000198_dte-20240930.htm:6]** **[0000936340-23-000189_dte-20230930.htm:6]** **[0000936340-23-000189_dte-20230930.htm:10]** **[0000936340-23-000189_dte-20230930.htm:60]**   
- Interest Expense: $252 million (up from $2 million YoY)  **[0000936340-24-000198_dte-20240930.htm:6]** **[0000936340-23-000189_dte-20230930.htm:6]** **[0000936340-23-000189_dte-20230930.htm:10]** **[0000936340-23-000189_dte-20230930.htm:60]**   
- Capital Expenditures: $923 million (+1163% YoY)  **[0000936340-24-000198_dte-20240930.htm:8]** **[0000936340-24-000198_dte-20240930.htm:12]** **[0000936340-23-000189_dte-20230930.htm:12]** **[0000936340-23-000189_dte-20230930.htm:8]**   

33fe4d1e274d4d7ba0a9a4cdde937a97d487aef2bde06725797d786c00d22ab3

3b293e33a42ef6c0a9247448b90d435d62e87cb885cbff6eb30888ad7bee9fc8

| Year | Amount Due (in millions) | Debt Type               | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|-----------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2024     | 3,200                        | Long-Term Debt (Current)    | N/A                   | 13.5% = (3,200 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:7]** **[0000936340-24-000198_dte-20240930.htm:74]**                                    |
| 2024     | 966                          | Short-Term Borrowings       | N/A                   | 4.1% = (966 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:7]** **[0000936340-24-000198_dte-20240930.htm:74]**                                       |
| 2026     | 500                          | Mortgage Bonds              | 4.85                  | 2.1% = (500 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:43]**                                               |
| 2027     | 1,200                        | Senior Notes                | 4.95                  | 5.1% = (1,200 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:43]**                                             |
| 2029     | 1,200                        | Senior Notes                | 5.10                  | 5.1% = (1,200 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:43]**                                             |
| 2034     | 500                          | Mortgage Bonds              | 5.20                  | 2.1% = (500 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:43]**                                               |
| 2034     | 850                          | Senior Notes                | 5.85                  | 3.6% = (850 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:43]**                                               |
| 2034     | 160                          | First Mortgage Bonds        | 4.87                  | 0.7% = (160 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:43]**                                               |
| 2054     | 160                          | First Mortgage Bonds        | 5.43                  | 0.7% = (160 / 23,659) * 100 **[0000936340-24-000198_dte-20240930.htm:43]**                                               |

2fbd7ae16f60f17b7e62a51e5e1d4e92a3fa41f4a0ec42e38b84e6cf7e5576f6

Gas sales (Bcf)

End-user transportation (Bcf)

Intermediate transportation (Bcf)

Total Gas sales (Bcf)

Residential (thousands of MWh)

Commercial (thousands of MWh)

Industrial (thousands of MWh)

Other (thousands of MWh)

DTE Electric Sales (thousands of MWh)

Interconnection sales (thousands of MWh)

Total DTE Electric Sales (thousands of MWh)

Retail and wholesale (thousands of MWh)

Electric retail access (thousands of MWh)

Total DTE Electric Sales and Deliveries (thousands of MWh)

6a517249e895a6edd88c5a96d3c7e13dff77df3f798bca621e15a2b4103e6672

1. **2024 Earnings Outlook**  
   **Q:** How are weather impacts affecting 2024 earnings guidance?  
   **A:** Despite negative weather impacts of about **$0.27** in the first half ( **[DTE_3394314_15]** ), we remain confident in meeting our 2024 earnings guidance due to contingency measures and expect to invest more for customers ( **[DTE_3394314_15]** ).

2. **Rate Case Settlements**  
   **Q:** Is there an opportunity for settlement in the rate case?  
   **A:** We anticipate testimony, and while we'd like to settle, even without it, we are confident in a constructive outcome to support necessary capital investments for reliability improvements ( **[DTE_3394314_13]** ).

3. **Vantage Business Optimization**  
   **Q:** Any plans to optimize or rotate assets in Vantage?  
   **A:** We don't currently see the need for asset rotation unless the business grows beyond **10%** of our mix or significant equity needs arise; rotating assets doesn't create incremental value now ( **[DTE_3394314_14]** ).

4. **Data Center Demand**  
   **Q:** How is data center demand shaping up in Michigan?  
   **A:** There's strong interest from hyperscalers awaiting tax legislation; Michigan's attributes attract data centers, and we see potential demand in the **thousands of megawatts** once the tax exemption passes ( **[DTE_3394314_9]** ,  **[DTE_3394314_18]** ).

5. **Energy Trading Performance**  
   **Q:** Can you provide color on energy trading activities?  
   **A:** Energy Trading had a strong first half driven by contracted and hedged positions in Power FRS and gas portfolios; we're on guidance for the year and expect benefits to continue into the future ( **[DTE_3394314_12]** ).

6. **Performance-Based Rates Progress**  
   **Q:** How is the performance-based rates structure progressing?  
   **A:** We're collaborating with staff, aligning on valuable metrics for customers, and working on setting initial targets with symmetry; the process is progressing well ( **[DTE_3394314_17]** ).

7. **Reliability Investments**  
   **Q:** Are reliability efforts impacting the CapEx plan and rate cases?  
   **A:** All reliability investments are embedded in our **$25 billion** five-year plan and contingent on rate case outcomes; audit feedback supports our agenda for improving reliability ( **[DTE_3394314_23]** ).

8. **Credit Metrics Adequacy**  
   **Q:** Is the current credit cushion sufficient given high spending?  
   **A:** We feel good about our balance sheet and metrics, targeting **15-16%** FFO to debt, which provides headroom to downgrade thresholds ( **[DTE_3394314_26]** ).

9. **Election Impact on Planning**  
   **Q:** How might the election affect future planning and tax credits?  
   **A:** State mandates drive our investment regardless of federal changes; alterations to the IRA are unlikely, and any federal shifts shouldn't significantly impact our plans ( **[DTE_3394314_21]** ).

10. **Long-Term Sales Growth**  
    **Q:** What is the outlook for long-term sales growth?  
    **A:** We expect base economic sales growth of around **1%**; future data centers and EV load could drive higher growth over the long term ( **[DTE_3394314_27]** ).

701c3cad3428aac503c60ad3e2fdd274c6b7283b8b02f6661f16c12900e30850

- **DTE is well-positioned to capitalize on growth opportunities from data centers**, leveraging Michigan's favorable conditions and engaged in significant discussions with potential customers; legislative support is also anticipated to promote data center investments.  **[DTE_3380698_13]** **[DTE_3380698_23]**
- **DTE's voluntary renewable energy development plan is exceeding expectations**, with **2,400 MW signed out of a 2,500 MW goal for the next 5 years**, indicating strong momentum in renewable energy initiatives.  **[DTE_3380698_12]**
- **DTE is confident in delivering its investment plan while maintaining customer affordability**, leveraging **cost reductions from capital investments** and expected growth from areas like **electric vehicles and data centers** to finance investments without significantly increasing customer bills.  **[DTE_3380698_21]**

70f4ba530e3965112215e9e068f8c7835b2be4b985d02553ae48e02d9460bd1c

1. **2024 Guidance and Long-Term Growth**  
   **Q:** When will you provide 2024 guidance and long-term growth outlook?  
   **A:** We plan to roll out our 2024 guidance, long-term growth rate, and capital investment profile shortly after receiving the commission order in early December.  **[DTE_3363235_7]** 

2. **Growth Base Post-2023 Anomalies**  
   **Q:** Will 2024 be the base for long-term growth after 2023 anomalies?  
   **A:** Typically, we return to our original 2023 guidance and grow from there, since this year's challenges were anomalous and one-time in nature.  **[DTE_3363235_8]** 

3. **Rate Case Outcome Impact**  
   **Q:** How will the rate case decision affect growth and guidance?  
   **A:** The upcoming commission order is a significant data point in our plan; we await it before finalizing our 2024 guidance and long-term plan.  **[DTE_3363235_7]** **[DTE_3363235_16]** 

4. **Cost Cuts and 2024 Impact**  
   **Q:** Will the **$270 million** cost cuts affect 2024 spending?  
   **A:** Much of the cost will flow back in 2024; we will return to normal maintenance levels, but some savings may stick.  **[DTE_3363235_9]** 

5. **Storm Impacts and Future Planning**  
   **Q:** How are storms affecting your future earnings and planning?  
   **A:** This year's storms were exceptionally severe, with **twice the number of catastrophic storms** and a **1-in-50-year probability**; we're revisiting our budgeting and considering mechanisms like storm trackers to manage future volatility.  **[DTE_3363235_18]** **[DTE_3363235_17]** 

6. **Settlement Challenges in Rate Case**  
   **Q:** Why couldn't you settle the rate case with intervenors?  
   **A:** While key parties were moving toward settlement, many intervenors chose not to engage; in the future, we might explore contested rate settlements.  **[DTE_3363235_10]** 

7. **Vantage and Trading Earnings Outlook**  
   **Q:** Are strong Vantage and Trading results sustainable?  
   **A:** While 2023 benefited from **three new RNG projects** and one-time factors, we see great growth opportunities but will provide full updates on 2024 guidance in December.  **[DTE_3363235_12]** 

8. **Parent Debt Refinancing**  
   **Q:** How are you managing refinancing risk amid rising rates?  
   **A:** We have hedged over **25%** of the parent debt due in 2024 and are monitoring the market to manage interest expense increases.  **[DTE_3363235_16]** 

9. **Residential Sales Forecast**  
   **Q:** Do you expect residential sales to decline further?  
   **A:** Residential sales have come in as expected, with slight declines due to return to work; we forecast them to remain flat going forward.  **[DTE_3363235_20]** 

d5738c754ebe84c86b7e19a3d3d138498bc715755615720105b9e11d92ab0c96

- **DTE Energy may face challenges in reaching full settlement in their current electric rate case**, as they were unable to bring all parties together in the last rate case, potentially leading to regulatory delays or unfavorable outcomes.  **[DTE_3380698_15]**
- **The transition away from coal requires significant investments in dispatchable generation**, such as natural gas with carbon capture and storage, which could increase capital expenditures and impact financial performance.  **[DTE_3380698_23]**
- **One-time O&M savings from 2023 will not continue**, leading to higher operating expenses and potentially affecting future earnings growth.  **[DTE_3380698_17]**

0f6b814b3c30ea92710f0e2d9546503bec3b8696d53cc08b2c29accaf1384c65

- **Uncertainty in future earnings guidance and growth outlook due to pending rate case decision**, with 2024 guidance and long-term growth rate updates delayed until after the decision in December.  **[DTE_3363235_8]** **[DTE_3363235_7]** **[DTE_3363235_15]**
- **Increasing storm activity leading to higher costs**, with storm expenses impacting approximately **10% of earnings** in 2023, and the company possibly underestimating future storm costs in their budgeting and not pursuing mechanisms like trackers or deferrals to mitigate this risk.  **[DTE_3363235_32]** **[DTE_3363235_13]**
- **Cost reductions implemented in 2023 are one-time in nature**, with deferred maintenance needing to resume, suggesting that expenses will increase in future periods and may pressure earnings.  **[DTE_3363235_13]** **[DTE_3363235_9]**

5db74ab182cd1993559a246c8d2e3d678a1c47dab9f0d19eecd7fadfed0be584

1. **Capital Expenditure Upside**  
   **Q:** Are you seeing opportunities to increase CapEx plans?  
   **A:** Yes, we're seeing opportunities for incremental investment, especially in generation. Our voluntary renewables program forecasted **2,500 megawatts** over the next four years, and we've already filled the queue.  **[DTE_3403590_8]**  We're also updating our generation plan due to new clean energy legislation and see further opportunities in our distribution system following the independent audit.  **[DTE_3403590_8]** 

2. **Load Growth and Data Centers**  
   **Q:** What's your outlook on load growth, particularly with data centers?  
   **A:** While our current plan forecasts essentially flat demand growth over the next five years  **[DTE_3403590_15]** , we have significant interest from data center operators. The sales and use tax exemption bill is progressing, and once passed, we expect to begin connecting data center load. This will be highly beneficial to our customers and improve affordability.  **[DTE_3403590_15]** 

3. **Funding and Equity Needs**  
   **Q:** Will increased CapEx require additional funding or equity?  
   **A:** We plan to update this on our fourth-quarter call, but in our current plan, we have **$0 to $100 million** of equity needs over the next three years and don't anticipate that changing.  **[DTE_3403590_10]**  With strong cash flow generation and the benefits from the IRA, we're confident we can support our capital plan.  **[DTE_3403590_10]** 

4. **Electric Rate Case Outlook**  
   **Q:** What's the status of the electric rate case?  
   **A:** The staff's position is constructive but puts some pressure on our near-term capital plans.  **[DTE_3403590_16]**  Given the large number of intervenors, there's a low probability of settlement. However, we believe we can still achieve a constructive outcome, with a definitive decision expected in January.  **[DTE_3403590_16]** 

5. **Performance-Based Ratemaking**  
   **Q:** Any updates on the performance-based ratemaking docket?  
   **A:** The commission's final proposal includes seven metrics that align with how we already measure ourselves.  **[DTE_3403590_12]**  We're advocating for symmetry in incentives and disincentives. There's no official end date to this docket, and it won't be incorporated into the current rate case.  **[DTE_3403590_12]** 

6. **Trading Segment Performance**  
   **Q:** Can you discuss the performance of the trading segment?  
   **A:** Trading is performing well, with **$61 million** year-to-date versus our guidance of **$35 million** for the year  **[DTE_3403590_11]** **[DTE_3403590_22]** . This strong performance is based on contracted and hedged positions in our physical gas portfolio. We don't anticipate a significant reversal in the fourth quarter and see reasons for optimism going forward.  **[DTE_3403590_22]** 

7. **Impact of 45Z Tax Credits**  
   **Q:** How will 45Z tax credits affect non-regulated earnings?  
   **A:** The 45Z production tax credits for our RNG business are favorable and will come into effect from 2025 through 2027.  **[DTE_3403590_24]**  This will give us better confidence and flexibility in achieving our earnings over those years. We'll provide more updates on this in our fourth-quarter call.  **[DTE_3403590_24]** 

8. **Voluntary Renewables Program Growth**  
   **Q:** How is the momentum in your voluntary renewables program?  
   **A:** The momentum is strong; we've already filled the **2,500 megawatt** forecast for the next four years.  **[DTE_3403590_18]**  We continue to see significant opportunities and will provide further updates at our year-end call.  **[DTE_3403590_18]** 

9. **Storm Audit and Capital Plans**  
   **Q:** Do you need new mechanisms to fund storm-related capital needs?  
   **A:** Our five-year capital plan anticipates the necessary investment to achieve our ambitious goals of reducing outage frequency by **30%** and duration by **50%**.  **[DTE_3403590_29]**  The audit confirms our plan, and we believe we can accomplish this within the existing rate structure while maintaining affordability.  **[DTE_3403590_29]** 

10. **Supply Chain for Renewables**  
    **Q:** Are you experiencing supply chain issues for renewables?  
    **A:** We are well-positioned for the next three years regarding solar panels and have our battery plant project underway.  **[DTE_3403590_32]**  We don't see any supply chain issues and feel we have a good runway in this area.  **[DTE_3403590_32]** 

6e9669be26c05b1a877eacc7def5560b4be72d7df9d0dbb3aa05fbf99a33af23

- **DTE is making significant capital investments to modernize the grid, improve reliability, and transition to cleaner energy sources**, supported by a **strong balance sheet** and **investment-grade credit ratings**, enabling expected **premium total shareholder returns**.  **[DTE_3394314_0]** **[DTE_3394314_26]** **[DTE_3394314_2]**
- **Energy Trading business** is performing strongly, with **multiyear contracts** in the power and gas portfolios expected to **provide benefits into the future**; the first half of the year showed **very good results**.  **[DTE_3394314_12]** **[DTE_3394314_19]**
- **Growth opportunities** in **custom Energy Solutions**, **renewable natural gas (RNG)**, and **carbon capture projects**, including significant projects coming online like the **Ford Motor Company project**, and a **strong pipeline** of future projects; additionally, potential growth through **data center developments** once legislative efforts in Michigan are completed.  **[DTE_3394314_0]** **[DTE_3394314_25]** **[DTE_3394314_9]**

e2d9cb6c9238f2593ef1a22bbbc75b191fecf7d7be41325b12dcee9dc0f187f7

- DTE's trading segment is performing exceptionally well, with earnings of **$61 million** compared to the guidance of **$35 million**, driven by contracted and hedged positions in their physical gas portfolio. The company is optimistic about this business going forward.  **[DTE_3403590_22]**
- DTE is working closely with regulators to incorporate the positive findings from the independent audit into their investment plans, which will help secure future investments and improve predictability. The collaborative process is enhancing the company's investment strategy and regulatory relations.  **[DTE_3403590_31]**
- There is a willingness from regulators to expand the Infrastructure Recovery Mechanism (IRM), which would allow DTE to make necessary investments while reducing the frequency of rate cases. This development is expected to benefit both the company and its customers.  **[DTE_3403590_20]**

17f4ca87058bdec86ead25bb2a577efd0de1901d15c3de7dab78a344794eeb03

1. **Funding Incremental CapEx**  
   **Q:** How will you fund incremental CapEx?  
   **A:** DTE's strong cash flow and balance sheet allow capital investments with minimal equity, thanks to cash from the IRA and tax credits. They anticipate equity needs of **$0 to $100 million** through 2026 and aim to keep FFO to debt at **15%-16%**. While they value their Vantage business, they may consider asset monetization if it creates incremental shareholder value, but they don't see that need currently.  **[DTE_3380698_8]** 

2. **Potential Sale of RNG Assets**  
   **Q:** Are you considering selling RNG assets?  
   **A:** DTE appreciates its RNG assets for their strong returns and cash flows but remains open to selling if it can create incremental value over their long-term plan. They are in ongoing market discussions but currently don't see such an opportunity. If circumstances change, they will act on it.  **[DTE_3380698_11]** 

3. **Vantage Business Tailwinds**  
   **Q:** How do tax credits affect Vantage's growth?  
   **A:** Tax credits from the IRA are providing tailwinds to DTE Vantage's RNG and Custom Energy Solutions businesses. This offers more flexibility and confidence in achieving **6%-8%** growth, but they will discuss specifics for 2025 and beyond at year-end.  **[DTE_3380698_10]** 

4. **Electric Rate Case Settlement**  
   **Q:** Can you settle the electric rate case?  
   **A:** DTE aims to settle the rate case but acknowledges it may not be possible to bring all parties together. They're confident in a supportive outcome even if litigated, as the case focuses on investments in infrastructure to improve reliability and transition to cleaner energy. The proposed storm cost tracker of **$65 million** could help manage costs; if it had been in place last year, it would have been beneficial. They see a good chance of support for the tracker and are aligned with consumers in pursuing it.  **[DTE_3380698_14]** **[DTE_3380698_15]** **[DTE_3380698_19]** 

5. **Data Centers as Growth Opportunity**  
   **Q:** Are data centers a growth area?  
   **A:** Yes, DTE is positioned to serve data centers with both their utility and Vantage businesses. Michigan offers attractive conditions, and they are engaged in discussions with interested parties. Legislative changes on sales and use tax exemptions are pending, which could catalyze this opportunity. Serving data centers may require building more dispatchable generation, potentially accelerating their IRP. Investments would benefit customers and add value for investors.  **[DTE_3380698_13]** **[DTE_3380698_22]** 

6. **De-risking 2025 and Beyond**  
   **Q:** How are you de-risking 2025 and beyond?  
   **A:** DTE started in a stronger position this year without the **$200 million** headwinds from last year. They're deep into 2025 planning, aiming to improve headroom, with rate cases focused on capital deployment for infrastructure. They feel confident about their 2025 plan coming together.  **[DTE_3380698_9]** 

7. **CapEx Updates and Legislation**  
   **Q:** How will new legislation affect CapEx?  
   **A:** DTE's updated 5-year capital plan already reflects the IRP settlement and recent legislation, leading to a **$2 billion** increase. As they plan beyond this period, they anticipate incremental investment opportunities arising from the IRP and legislation.  **[DTE_3380698_7]** 

8. **Contingency in 2024 Guidance**  
   **Q:** How much contingency is left after mild winter?  
   **A:** DTE had contingency for weather and is in a good position heading into the summer. They rebuilt where needed and can deepen cost-saving measures if necessary, maintaining high confidence in 2024 targets.  **[DTE_3380698_16]** 

9. **O&M Levels Returning to Normal**  
   **Q:** Are O&M levels back to normal?  
   **A:** This year feels different without last year's headwinds. Some one-time savings continue, but DTE is back to normal efforts on productivity and efficiency, employing lean practices as needed.  **[DTE_3380698_17]** 

10. **Offsetting Customer Bill Increases**  
    **Q:** How will you offset bill increases?  
    **A:** DTE plans to maintain customer bills below the national average despite significant investments. Investments in infrastructure and transition to cleaner energy will reduce operating costs, benefiting customers. Growth opportunities like data centers and connecting over **1,000 EVs per month** will help finance investments.  **[DTE_3380698_20]** 

11. **Vantage Business Size Limit**  
    **Q:** Will Vantage's earnings contribution be capped?  
    **A:** DTE aims to keep the Vantage business at **10% or less** of total earnings while pursuing high-quality, low-risk, high-return investments. Rapid utility growth allows continued expansion of Vantage without exceeding this threshold.  **[DTE_3380698_21]** 

12. **Storm Cost Tracker and IRM**  
    **Q:** Will the storm cost tracker be approved?  
    **A:** There's a good chance of support for the **$65 million** storm cost tracker, which would have been helpful last year. The IRM includes increasing capital amounts for future years (**$530 million** in 2026 and **$720 million** in 2027) and may help delay future rate cases, though it will take time to ramp up.  **[DTE_3380698_19]** 

13. **Vantage Renewable Plant Outage**  
    **Q:** Was the Vantage plant outage resolved?  
    **A:** The unplanned outage started last year and has been resolved. The renewable plant is back online for the rest of the year.  **[DTE_3380698_19]** 

14. **Residential and Commercial Demand**  
    **Q:** Is demand picking up?  
    **A:** DTE saw a quarter-over-quarter increase in residential demand but expects annual demand to be flat compared to last year due to energy efficiency efforts balancing growth.  **[DTE_3380698_24]** 

15. **Timing of Incremental Load Materializing**  
    **Q:** When will incremental load appear?  
    **A:** It's too early to tell. Discussions about sizable load additions, like data centers, are in early stages. Key legislative changes could accelerate this, with potential developments hoped for this summer.  **[DTE_3380698_23]** 

16. **Approach to Coal Plant Retirements**  
    **Q:** Will you change generation plans?  
    **A:** DTE maintains adequate reserve margins during coal retirements, with plans for dispatchable generation like converting Belle River to natural gas and adding battery storage. Future growth may require more dispatchable resources, potentially accelerating their IRP. Investments aim to benefit customers and investors.  **[DTE_3380698_22]** 

17. **Negative Earnings Due to Taxes**  
    **Q:** Were negative earnings at Corporate expected?  
    **A:** Yes, the negative earnings due to timing of taxes are consistent with their budget and will reverse by year-end.  **[DTE_3380698_18]** 

18. **Partial Rate Case Settlement**  
    **Q:** Could you pursue partial settlement?  
    **A:** Yes, DTE is open to partial settlements, but even without a full settlement, they are confident in supportive outcomes.  **[DTE_3380698_15]** 

19. **Renewable Energy Plan Details**  
    **Q:** Can you share more on renewable plans?  
    **A:** DTE's voluntary renewable plan, one of the largest relative to company size, is exceeding expectations with **2,400 MW** signed toward a **2,500 MW** goal over five years. They anticipate updating the plan as they approach the goal and may see additional opportunities if the IRP becomes more aggressive.  **[DTE_3380698_12]** 

20. **Managing Contingency After Mild Weather**  
    **Q:** How are you handling mild weather impacts?  
    **A:** DTE manages exposure by rebuilding contingency plans and can deepen cost-saving measures as needed, ensuring they stay on track despite weather impacts.  **[DTE_3380698_16]** 

6a95089a1cf8c7d1461bc3124d2f284be9830ee092f4717e7f629a4d549e298a

- **The electric rate case faces significant uncertainty due to a large number of intervenors, resulting in a low probability of settlement and potential pressure on DTE's near-term capital plans.**  **[DTE_3403590_16]**
- **The Administrative Law Judge's recommendation in the gas rate case included a lower-than-expected Return on Equity (ROE), raising concerns about possible negative impacts on financial performance.**  **[DTE_3403590_17]**
- **The performance-based regulation (PBR) docket lacks an official end date, and there is uncertainty regarding the application of incentives and disincentives, which could affect future earnings.**  **[DTE_3403590_12]**

ab3a0274efe4f8e7ca619ef59b8ce4f00b794e18673ffd4ad40f1a63491e0d76

- DTE's **long-term growth opportunities remain strong**, with significant investments planned in grid modernization and clean energy transition, ensuring the **fundamentals of the business remain robust**.  **[DTE_3363235_7]** **[DTE_3363235_15]**
- The company is **confident in receiving strong regulatory support** for its investment plans, noting that their **requested rate increase of approximately 1.6% per year is well below the national inflation rate**, and has strong backing from **customers, the governor, legislators, and mayors who are clamoring for these investments**.  **[DTE_3363235_15]**
- DTE expects to **maintain a strong balance sheet and credit metrics**, with **FFO to debt improving in 2023**, and has **good headroom to downgrade thresholds at rating agencies**.  **[DTE_3363235_22]**

d27ac590180284db63c1813aa237b20bc9f17577839c6cb8c2004d1894503886

DTE Energy Co (DTE)

Financials