密歇根天然氣 (DTE) 2025 Q3 法說會逐字稿

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. (Operator Instructions)

您好，感謝您的耐心等待。我叫貝拉，今天我將擔任你們的會議接線生。在此，我謹代表DTE能源公司歡迎各位參加2025年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Matt Krupinski, Director of Investor Relations. You may --

現在我將把會議交給投資者關係總監馬特·克魯平斯基。您可以--

Thank you, and good morning, everyone. Before we get started, I'd like to remind you to read the safe harbor statement on page 2 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 Harris, President and CEO; and Dave Ruud, CFO.

謝謝大家，大家早安。在開始之前，我想提醒各位閱讀簡報第 2 頁的安全港聲明，包括對前瞻性陳述的引用。我們的簡報中也提到了營業收入，這是一個非GAAP財務指標。請參閱附錄中提供的 GAAP 收益與營業收益的調整表。今天早上和我們在一起的是總裁兼執行長 Joi Harris 和財務長 Dave Ruud。

And now, I'll turn it over to Joi to start our call this morning.

現在，我將把電話交給喬伊，讓她開始我們今天早上的通話。

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.

謝謝你，馬特。各位早安，感謝各位的參與。雖然這是我第一次以執行長的身份主持財報電話會議，但在過去的幾年裡，我有幸與各位進行了交流，非常感謝大家的對話。我開局順利，並將繼續鞏固我們已經建立的堅實基礎。

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.

今天我有一些令人興奮的最新消息要和大家分享，其中包括重點介紹我們在實現 2025 年財務目標方面取得的進展，提供強勁的 2026 年運營每股收益展望，並概述我們改進後的五年計劃，該計劃現在將延長至 2030 年。

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 gigawatts of data center loads. This is an exciting milestone that I'll expand on as we walk through our updated strategic plan. Aside from the 1.4 gigawatts of new load, we are still in late-stage negotiations with an additional 3 gigawatts of data center load providing potential further upside to our capital plan as we advance these negotiations.

我們策略的一大亮點是資料中心需求的變革性成長。我很高興地宣布，我們與一家領先的超大規模資料中心營運商達成最終協議，以支援 1.4 吉瓦的資料中心負載。這是一個令人振奮的里程碑，在接下來的更新策略計畫中，我將對此進行詳細說明。除了新增的 1.4 吉瓦負荷外，我們仍在與另外 3 吉瓦的資料中心負荷進行後期談判，隨著談判的推進，這將為我們的資本計畫帶來潛在的進一步成長。

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 deliver 6% to 8% operating EPS growth through 2030. We are confident we will reach the high end of our targeted range in each year, driven by R&D tax credits and the flexibility they provide.

由於完成了第一筆資料中心交易，並且我們持續需要對公用設施資產進行現代化改造，我們更新後的計劃包括大幅增加對客戶的公用設施投資，並力爭到 2030 年實現 6% 至 8% 的營運每股收益增長。我們有信心在研發稅收抵免及其提供的靈活性的推動下，每年都能達到我們目標範圍的高端水平。

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 a 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.

該計劃支持我們持續的策略轉型，即透過增加需求來提高公用事業收益的質量，繼續努力建立未來的電網，同時向更清潔的發電方式過渡，並表明我們持續致力於為客戶提供價格合理的能源。接下來的幾張投影片我將分享我們計劃的更多細節。Dave 將概述我們 2025 年第三季業績預期和 2026 年早期展望，然後我們將開放提問環節。

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 94 percentile globally among thousands of organizations.

我將從第 4 張投影片開始說，我們將繼續在 2025 年取得強勁的業績，並且我們有能力在今年實現預期目標的高端。一如既往，我們的成功證明了我們敬業且積極的團隊，他們致力於服務我們的客戶和社區。我非常自豪地宣布，我們的團隊連續第 13 年榮獲蓋洛普公司頒發的“卓越職場獎”，並且我們的員工敬業度在全球數千家企業中排名前 94%。

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% to 8% over our 2025 guidance midpoint, and we are confident in our ability to deliver at the higher end of that range.

我們已做好充分準備，實現 2025 年營運每股盈餘預期範圍的高端目標。展望 2026 年，我們的初步展望反映出營運每股收益將比 2025 年的預期中位數成長 6% 至 8%，我們有信心實現該區間的上限。

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 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.

讓我轉到第 5 張投影片，詳細介紹我們的長期計畫。對於我們的產業和DTE而言，我們正處於一個令人興奮的時刻，我們將專注於抓住機遇，為我們的客戶、社群和投資者創造價值。受資料中心交易和持續推進公用事業資產現代化改造的需要推動，我們將五年資本投資計劃比之前的計劃增加 65 億美元。

At DTE Electric, the additional investments are strategically focused to support data center low growth, advanced 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.

DTE Electric 的額外投資具有戰略意義，旨在支援資料中心低成長、先進的清潔發電以及增強配電基礎設施，從而推動可靠性的持續提高。DTE Gas 致力於提高系統可靠性和更新基礎設施，在確保為客戶提供安全、高效服務的同時，實現管網現代化。DTE Vantage 將繼續優先投資類似公用事業的長期固定費用合約項目，這與我們為投資者帶來穩定、可預測收益的策略非常契合。

Our investment plan supports a further strategic shift towards 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 our 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.

我們的投資計畫支持未來五年進一步策略性地轉向更高品質的公用事業收益，目標是到 2030 年將公用事業營運收益提高到我們總收益的 93%。重要的是，資料中心帶來的機會正在推動這一轉變，因為我們投入了更多資金來滿足這一需求，這進一步提高了我們現有客戶的承受能力。我們在長期預測中納入了對 DTE Vantage 更保守的成長預期，這主要受到大宗商品價格假設的影響。

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.

作為我們最新策略分析的一部分，我們評估了一系列實現永續長期價值的途徑。這項努力更加堅定了我們的信念，即專注於我們的核心公用事業業務，同時對 DTE Vantage 採取更保守的態度，將使我們能夠更好地為客戶和投資者創造價值。

As you can see in the appendix of this presentation, the 2030 outlook for Vantage is flat to 2025 guidance, as our solid project development pipeline offset 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.

正如您在本次演示的附錄中看到的那樣，Vantage 2030 年的展望與 2025 年的指導意見持平，因為我們穩健的專案開發計劃抵消了 2029 年後 45Z 生產稅收抵免的預期到期。我們相信，這種方法也使我們在未來能夠持續成長，因為我們預計將在更多的資料中心機會方面繼續取得進展，這將為我們的基本計劃帶來成長。

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. A key component of this plan is new storage investment to support the increased data center load. Importantly, this incremental storage investment is fully funded by the data center customers.

接下來，我將轉到第 6 張投影片，重點介紹 DTE Electric 資本計畫的最新進展。DTE Electric 更新後的資本投資計畫比先前的計畫增加了 60 億美元，這主要得益於資料中心交易和以客戶為中心的舉措，這些舉措符合我們的長期策略。該計劃的關鍵組成部分是新增儲存投資，以支援不斷增長的資料中心負載。重要的是，這項新增儲存投資完全由資料中心客戶出資。

The plan also includes renewable investments that support the continued success of our migraine power voluntary renewables program and fulfill the requirements of the legislative clean energy plan. And 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 plants.

該計劃還包括再生能源投資，以支持我們緩解偏頭痛的自願再生能源計劃的持續成功，並滿足立法清潔能源計劃的要求。為了確保在逐步淘汰煤炭的過程中可靠的基本負載發電，我們計劃建造一座聯合循環燃氣渦輪機來取代即將退役的燃煤電廠。

We are submitting a competitive bid for the 2026 Integrated Resource Plan, all-source RFP for a new CCGT to replace Monroe power plants. 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.

我們正在為 2026 年綜合資源計劃提交一份具有競爭力的投標書，該計劃是為取代門羅發電廠而新建的 CCGT 機組的全源 RFP。我們也持續投資配電基礎設施，以加強電網並提高客戶的供電可靠性。這些電網投資已經取得了成效，自 2023 年以來，停電持續時間減少了近 90%，我們在實現到 2029 年將停電次數減少 30% 並將停電時間減少一半的目標方面取得了顯著進展。

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 IRM 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.

我們目前的費率調整方案旨在支援這些可靠性投資，同時繼續專注於客戶的承受能力。這份申請文件包括一項請求，即到 2029 年將約 10 億美元的分配支出納入基礎設施恢復機制，這項請求在最近的證詞中得到了密西根州公共服務委員會工作人員的大力支持。IRM 將有助於推動對電網現代化進行持續、可預測的投資，從而提高客戶的可靠性，同時簡化未來的監管程序。預計該案的判決將於二月底公佈。

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 low growth and support affordability for our customers.

總的來說，我對DTE Electric未來的發展機會感到非常興奮，我們將繼續努力提高客戶的用電可靠性，向更清潔的發電方式轉型，並抓住經濟發展機遇，推動低增長，從而保障客戶的用電價格。

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 gigawatts of new data center load, representing a major step forward in our utility growth strategy while also delivering meaningful affordability benefits to our existing customers.

接下來我將轉到第 7 張投影片，介紹我們在資料中心機會方面的最新進展。正如我之前提到的，我們成功執行了一項重要的協議，以支援 1.4 吉瓦的新資料中心負荷，這代表著我們在公用事業成長策略方面邁出了重要一步，同時也為我們現有的客戶帶來了切實的經濟效益。

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 investments and additional tolling agreements to support this data center mode.

預計未來兩到三年內需求將大幅成長，這將給我們一個明確的時間節點，使基礎設施建設和資源規劃與客戶需求保持一致。雖然我們可以利用現有產能來支持這項產能提升，但我們也需要投資新的儲能解決方案來滿足全部產能需求。我們更新的計畫包括近 20 億美元的新增儲能投資和額外的收費協議，以支持這種資料中心模式。

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.

鑑於我們產能過剩，我們將對這位客戶採用現有的工業電價，並將其與儲能合約結合，以支持新增的儲能投資。我們在這些協議中加入了保護現有客戶的關鍵條款，包括一份為期 19 年的電力供應合同，並規定了最低月費。

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 support 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.

該資料中心將透過為期 15 年的儲能合約來滿足自身的儲存需求。這些條款對我們和我們的客戶都很重要，因為我們要確保資料中心的收入能夠支持滿足這項新需求所需的投資。我們計劃明天提交監管文件，請求批准資料中心合約。為配合資料中心負載預計成長，儲能投資將於 2026 年開始逐步增加。

As I mentioned, we also have additional data center opportunities beyond this initial 1.4 gigawatts. We are in advanced discussions with additional hyperscalers for over 3 gigawatts of new load, and we have a pipeline of an additional 3 to 4 gigawatts behind that. We also expect longer-term growth opportunities through the expansion of these initial hyperscaler projects. The generation investments, that will be needed 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.

正如我之前提到的，除了最初的 1.4 吉瓦之外，我們還有其他資料中心建設機會。我們正在與多家超大規模資料中心營運商進行深入洽談，以增加超過 3 吉瓦的新負載，並且我們還有 3 到 4 吉瓦的後續專案在籌備中。我們也期望透過這些初始超大規模資料中心專案的擴展，獲得更長期的成長機會。這些新增機會所需的發電投資很可能在我們五年計畫的後期階段進行，提供超出我們今天向您展示的增量資本投資。

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. So a lot of great opportunities ahead of us on the data center front. We will continue to provide updates along the way as things progress.

為支援大型資料中心負載而開發新一代技術的關鍵步驟是將這些要求納入我們下一個 IRP 檔案中，我們預計將於明年提交該文件。因此，我們在資料中心領域中有很多絕佳的機會。我們將隨著事態發展持續提供最新消息。

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.

接下來，我將轉到第 8 張投影片，討論我們對客戶負擔能力的承諾。我們一直都嚴格執行投資計劃，並且高度重視客戶的承受能力。從圖表中可以看出，過去四年我們的平均年度帳單成長幅度遠低於全國平均和五大湖區平均。我們將繼續致力於在整個計劃中保持對可負擔性的關注。

We are advancing on a number of initiatives to support affordability for our customers while continuing to invest and support our key priority. 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.

我們正在推動多項舉措，以提高客戶的經濟承受能力，同時繼續投資並支持我們的首要任務。重要的是，近期資料中心的成長將有助於為我們現有的客戶創造相當大的價格承受能力，因為我們可以出售多餘的發電量。我們持續改善的企業文化將確保營運維護和資本投資保持高效率。

The shift from coal to natural gas and renewables also helped to further reduce O&M costs while our diverse energy mix ensures economic fuel costs for our customers. And finally, the IRA provisions support the renewable energy investments while supporting customer affordability goals.

從煤炭轉向天然氣和再生能源也有助於進一步降低營運和維護成本，而我們多樣化的能源結構則確保了客戶經濟的燃料成本。最後，IRA 條款支持再生能源投資，同時支持客戶負擔能力目標。

So 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.

最後，我想說，我對我們的長期計劃以及我們未來有機會繼續為所有利益相關者帶來價值感到非常興奮，包括為我們的客戶和社區提供優質服務，以及為我們的投資者帶來持續強勁的財務業績。我期待與EEI的各位共度更多時光，討論我們更新後的計劃。

With that, I'll hand it over to Dave. Over to you, Dave.

這樣，我就把它交給戴夫了。接下來該你了，戴夫。

Thanks, Joi, and 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.

謝謝Joi，大家早安。讓我們從第 9 張投影片開始，回顧一下我們第三季的財務表現。本季營業利潤為 4.68 億美元。這相當於每股 2.25 美元。您可以在附錄中找到按業務部門劃分的每股收益詳細明細，包括我們與 GAAP 報告收益的調整表。

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 taxes in 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 in service. This timing was known and built into our plan and the remaining year-to-date timing favorability of $33 million relative to 2024 or reversed in the fourth quarter.

我將從頁面頂部的實用工具開始評測。DTE Electric公司本季獲利5.41億美元。收益比 2024 年第三季高出 1.04 億美元。造成差異的主要原因是稅收和費率實施的時間，但部分被更高的營運維護成本和費率基礎成本所抵消。本季稅收繳納時間的影響相當顯著，與 2024 年第三季相比，稅收優惠達 6,300 萬美元。這是由於投資稅收抵免的時機與我們的太陽能專案投入使用的時間有關。這個時間節點是已知的，並已納入我們的計劃，截至目前，相對於 2024 年，剩餘的時間節點優勢為 3300 萬美元，或在第四季度逆轉。

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 onetime 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.

接下來是DTE天然氣公司。營業利潤為虧損 3,800 萬美元，比 2024 年第三季減少了 2,500 萬美元。收益差異主要由營運維護成本和費率基礎成本上升所致。我們有信心今年將達到 DTE 整體營運每股收益預期範圍的上限，因此我們得以取消過去幾年 DTE Gas 為應對氣候變暖而實施的一次性精簡營運措施和其他不可持續的減產措施。這很可能導致該業務板塊在 2025 年的業績低於預期範圍。

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 spreads in 2025, partially offset by lower steel-related revenues. We remain on track for the full year guidance of DTE Vantage.

讓我換到第三排的DTE Vantage座位。2025年第三季營業利潤為4,100萬美元。與 2024 年相比，這將增加 800 萬美元，主要原因是 2025 年再生天然氣生產稅的漲幅，但部分被鋼鐵相關收入的下降所抵消。DTE Vantage 的全年業績指引仍有望實現。

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.

下一行顯示，能源交易業務本季獲利 2,300 萬美元。我們在已簽訂合約和已避險的電力和天然氣實體投資組合中持續獲得強勁的利潤率。今年迄今為止，我們該業務板塊的營業利潤已超過預期上限。這一強勁表現使我們處於有利地位，能夠利用 DTE 的任何潛在上漲空間，繼續為未來幾年提供靈活性。

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.

最後，公司及其他項目環比虧損 7,700 萬美元，主要原因是稅收時間安排（到年底將有所改善）以及利息支出增加。總體而言，DTE 在 2025 年第三季每股收益為 2.25 美元，這使我們能夠很好地實現 2025 年業績指引範圍的高端目標。

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 $7.59 per share to $7.73 per share, which provides 6% to 8% growth over our 2025 guidance midpoint. We are confident that we will deliver at the high end of the guidance range due to the flexibility that the 45Z tax credits provide.

接下來我們來看第 10 張投影片，討論一下我們對 2026 年的展望。正如 Joi 所說，我們已做好充分準備，在 2026 年再創佳績。我們 2026 年的初步展望範圍為每股 7.59 美元至每股 7.73 美元，比我們 2025 年的指導中點增長 6% 至 8%。由於 45Z 稅收抵免政策的靈活性，我們有信心達到預期範圍的高端水平。

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 in DTE Gas. DTE Vantage will see growth from the development of new custom energy solutions projects and continued contributions from RNG production tax credits. And 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.

公用事業的成長將由以客戶為中心的投資推動，包括 DTE Electric 的配電和更清潔的發電投資，以及 DTE Gas 的主要更新和其他基礎設施改進。DTE Vantage 的發展將得益於新的客製化能源解決方案項目的開發以及 RNG 生產稅收抵免的持續貢獻。在能源交易方面，我們繼續看到我們結構化的實體電力和實體天然氣投資組合的強勁表現，這讓我們對2026年的目標充滿信心。在 2025 年取得強勁業績後，我們將在第四季度電話會議上分享有關 2026 年的更多細節。

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 issuance. We are targeting annual issuances of $500 million to $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.

讓我們翻到第 11 頁，討論一下我們的資產負債表和股權發行計畫。我們將繼續專注於維持穩健的資產負債表指標。為了支持我們為客戶執行的資本投資計劃的大幅成長，我們增加了計劃中的股權發行。我們的目標是在 2026 年至 2028 年期間每年發行 5 億美元至 6 億美元。這種股權水準為資本提供了支持，但與我們先前的計劃相比，現在在這個計劃中出現得更早。增加的股權將有助於為我們的資本計劃增加提供資金，包括與資料中心協議相關的儲存投資，同時確保我們保持強勁的資產負債表。

We will continue to maximize the use of internal mechanism to issue equity but will also incorporate manageable external issuances. Our five-year plan fully incorporates the equity needs and continues to deliver 6% to 8% operating EPS growth with a bias toward the upper end each year through 2030.

我們將繼續最大限度地利用內部機制發行股權，但也會進行可控的外部發行。我們的五年計畫充分考慮了股權需求，並持續實現 6% 至 8% 的營運每股盈餘成長，且到 2030 年每年都傾向於實現較高水準的成長。

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%.

我們的長期計劃還包括債務再融資和發行新債。我們計劃策略性地利用混合證券來支持我們的融資計劃，並將繼續透過利率對沖和其他機會來管理未來的債務發行。重要的是，我們將繼續專注於維持強勁的投資等級信用評級和穩健的資產負債表指標，因為我們的目標是將 FFO 與債務比率控制在 15% 左右。

This plan ensures that DTE 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.

該計劃確保 DTE 繼續保持良好的發展狀態，為我們的客戶進行必要的投資，同時實現過去十年來投資者所期望的優質股東總回報，這得益於強勁的公用事業增長和隨著運營每股收益增長而增長的股息。

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 and 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.

讓我先結束第 12 張投影片的講解，然後我們將開放提問環節。我們的團隊將繼續秉承為所有利害關係人提供服務的承諾。我們在 2025 年取得了穩健的業績，並有望實現營運每股收益預期範圍的高端目標。我們有信心再次實現 2026 年早期展望的高端目標，這同樣歸功於 45Z 稅收抵免政策的靈活性。

Our updated five-year plan provides high-quality, long-term 6% to 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 a continued need to modernize our utility assets. Additional data center opportunities provide potential upside to this five-year capital investment and EPS growth plan.

我們更新後的五年計畫透過增加以客戶為中心的公用事業投資，實現高品質、長期的 6% 至 8% 的每股盈餘成長，到 2030 年，這將使我們的公用事業營運收入佔總收入的比例提高到 93%。該計劃在前一個計劃的基礎上，將五年資本投資增加 65 億美元，這得益於數據中心交易以及我們持續需要對公用事業資產進行現代化改造。新增的資料中心機會為這項五年資本投資和每股盈餘成長計畫提供了潛在的成長空間。

We continue to target 6% to 8% long-term operating EPS growth with 2026 operating EPS midpoint as a 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.

我們繼續以 2026 年營運每股收益中位數為基準，實現 6% 至 8% 的長期營運每股收益成長目標。我們有信心，在 RNG 稅收抵免及其提供的靈活性的推動下，我們每年都能達到目標範圍的高端。我們將繼續致力於派發強勁的股息，並使其與營運每股收益同步成長。總體而言，憑藉強勁的資產負債表支持我們的資本投資計劃，我們完全有能力為投資者帶來他們所期望的優質股東總回報。

With that, thank you for joining us today and look forward to seeing many of you at EEI. We can open the line for questions.

最後，感謝各位今天蒞臨，期待在EEI見到你們中的許多人。我們可以開通提問專線。

(Operator Instructions) Shar Pourreza, Wells Fargo.

（操作員指示）Shar Pourreza，富國銀行。

So obviously, the upside slide, it seems fairly material around incremental data center opportunities. are the data center deals kind of -- are they an inflection point to rebase higher shift that 6% to 8% CAGR? Or should we still kind of assume lengthen and strengthen? I guess 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?

顯然，上行空間似乎主要集中在資料中心新增機會。資料中心交易是否可能成為推動複合年增長率從 6% 提升至 8% 的轉捩點？或者我們是否應該仍然假設會延長和加強？我想，你需要看到什麼才能重新檢視那條指導性的發展軌跡呢？尤其是一些內容可能會影響到計劃的後期階段，而你已經在高階階段取得了進步？

Yeah, we're really excited about the first 1.4 gigawatt deal we have on the table, and we'll feel well positioned to execute on that. We're continuing conversations. As I mentioned in the intro, we've got 4 gigawatts -- well, 3 to 4 gigawatts that we're continuing to work with hyperscalers with a total pipeline of roughly 7.

是的，我們對目前擺在桌面上的首個 1.4 吉瓦交易感到非常興奮，並且我們感覺自己已經做好了充分的準備來執行這項交易。我們正在繼續對話。正如我在引言中提到的，我們有 4 吉瓦——確切地說是 3 到 4 吉瓦，我們正在繼續與超大規模資料中心合作，總共有大約 7 個專案正在籌備中。

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, but the intent would be to get it into the five-year plan, if at all possible, and that would give us growth opportunities above and beyond where we are today. So we feel really good about the deal we have on the table and our ability to execute on it.

也就是說，隨著我們推進這些談判，我們的目標是找到我們可以接受的條款，以及我們可以納入下一年度綜合資源計劃 (IRP) 的增產措施，然後確定支持該負載的發電資源。這可能是一個大型發電負荷，也可能是電池和再生能源的組合，但我們的目標是盡可能將其納入五年計劃，這將為我們帶來超越目前水平的成長機會。因此，我們對目前擺在桌面上的交易以及我們執行交易的能力都感到非常有信心。

Okay. Got it. But just, I guess, just to -- is it accretive to the 6% to 8%, I guess, how do we sort of think about how you currently guide?

好的。知道了。但是，我想，只是想問——它是否會增加 6% 到 8% 的收益，我想，我們該如何看待您目前的指導方式？

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

是的。我認為這是一個合理的假設，即收益率將高於我們目前的 6% 到 8%。

Perfect. And then just -- I know obviously, you noted a more conservative outlook for Vantage due to commodity pricing. But 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 '26?

完美的。然後——我知道，很明顯，由於大宗商品價格的原因，您對 Vantage 的前景持更保守的態度。但我很好奇，您在能源服務上看到了什麼？將某些資產貨幣化是否有意義，尤其是在 2026 年開始出現股權需求轉折點的情況下？

Yeah. We're continuing our focus on our energy service business line and Vantage. We're working on behind the meter project, in fact, outside the state of Michigan for a data center. And that could be an additional vertical that we pursue but 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. But as always, we look for ways to optimize value for shareholders. We don't have anything imminent right now, but it's something that we'll continue to examine.

是的。我們將繼續專注於能源服務業務線和 Vantage 業務。事實上，我們正​​在密西根州以外的地方為一個資料中心進行使用者側專案。這可能是我們追求的另一個垂直領域，但 Vantage 在過去 20 多年來一直是我們投資組合中非常重要的一部分，擁有非常強大的業務拓展管道和非常好的回報機會。但和以往一樣，我們會尋找各種方法來最大化股東價值。目前我們還沒有任何迫在眉睫的計劃，但我們會繼續關注此事。

Got it. Perfect. And big congrats, Joi on your first earnings call. I know Jerry is listening, he's proud and just keep that dividend growing from now that he's on a fixed income. Appreciate it, guys.

知道了。完美的。恭喜Joi首次財報電話會議圓滿成功！我知道傑瑞在聽，他很自豪，而且在他收入固定之後，希望這份股息能繼續成長。謝謝各位。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

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

實際上，這是艾丹凱利代替傑里米上台。是的，就每股盈餘複合年增長率而言，正確的計算方法是把2026年當作上限，然後以8%的速度成長到2030年嗎？或者我們應該考慮以每年的中點為基礎來計算每股盈餘複合年增長率嗎？

So midpoint here is the way we guide. And the 45Z give us the potential to upsize the top end of our price. And as you know, those 45Z extend through 2029.

所以，中點是我們引導的方向。而 45Z 則讓我們有可能提高產品的最高價格。如您所知，45Z 的運行週期將持續到 2029 年。

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

知道了。好的。那很有幫助。然後，就增量負載而言，或許我們應該考慮一下，目前需要多少負載才能觸發一座新的天然氣發電廠，而不是只增加儲能？我的意思是，例如當你審視 7 吉瓦的輸電線路時，我們應該如何考慮新增基礎負荷需要什麼，以及新增儲能需要什麼？

Yeah. So think of it this way. Any new data center load that we bring on after this 1.4 gigawatts 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 and some renewables and batteries. But we'll know all of that for certain once we sign the deal and incorporate it into next year's IRP and that will really dictate the resource requirements and the resource mix.

是的。所以你可以這樣想。在這 1.4 吉瓦之後，任何新增的資料中心負載都需要額外的資源。如果我們引入吉瓦級的設備，就需要一個聯合循環來支援它。如果低於這個價格，我們可以採用小型化方案，結合一些再生能源和電池。但一旦我們簽署協議並將其納入明年的綜合資源規劃 (IRP)，所有這些我們都會確切地知道，這將真正決定資源需求和資源組合。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Congratulations against Joi and to the whole team here. Nicely done here, I got to 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 talked about it being accretive to the plan. How do you think about the timeline for its ramp?

恭喜戰勝 Joi，也恭喜我們整個團隊。做得不錯，我得說，正如你所說，在敲定這份合約方面也做得很好。現在，說了這麼多，為了回應之前的一些問題，您如何看待資料中心建立的時機？你說過這對計劃是有益的。你覺得它的產能爬坡時間表如何？

I know that you already cautioned that it was an entirely clear cut. But how do you think about it being accretive versus perhaps cereal and an extension of the 6% to 8%? We don't mean to pick too much here, but I think we heard your comments earlier. I just wanted to come back and understand when that would really start to kick in and be accretive.

我知道你之前已經提醒過，這件事的界線非常清晰。但您如何看待這種成長，以及它是否會像穀物一樣，將成長率提高到 6% 到 8% 呢？我們無意過度挑剔，但我想我們之前已經聽到了您的評論。我只是想回來了解一下，這種情況什麼時候才會真正開始起作用並產生累積效應。

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

是的。朱利安，考慮到某些材料的交付週期和施工週期，你可以把它看作是我們計劃的尾聲，所以可以把它看作是 2029 年末到 2030 年代初。

Got it. So that uptick would potentially be probably that first year really would be that 2030 timeframe. And then the question would be how sustained that elevated growth rate would be predicated on the success of the 3 gigawatts in late-stage negotiations?

知道了。因此，這種增長可能真的會在 2030 年左右出現。那麼問題就變成了，這種高成長率能在多大程度上持續下去，取決於3吉瓦電力專案在後期談判中的成功與否？

Yeah. And again, I'll repeat. We're going to take all of this and incorporate it into next year's IRP. And really, 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.

是的。我再重複一遍。我們將把所有這些因素納入明年的綜合資源規劃中。實際上，這不僅會決定時間安排，還會決定合適的資源組合，進而影響施工時間、材料交付週期等等。

Right. In your owned versus a contracted piece, etc, etc.

正確的。在你擁有的作品與委託製作的作品之間，等等。

Exactly.

確切地。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

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 into the -- from the earlier stage pipeline into the advanced stage pipeline? What's the pace of crystallization of some of the projects?

我只是想了解一下高級階段的資料中心管線。您預計何時能夠最終敲定這些交易並推進它們，或者將其他項目從早期階段推進到後期階段？部分專案的落實進度如何？

Yeah. Thanks for the question. So 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. So 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.

是的。謝謝你的提問。所以我們正在積極談判，而且已經談判了一段時間了。我們仍在敲定一些關鍵條款和成長速度。我設想，在提交明年的 I​​RP 之前，我們至少會對加速計畫有一個大致的了解，並確定一些條款。我們正在推進這項工作。這就是第三季的思路。因此，我們希望能夠了解成長曲線，確切地了解該成長曲線在五年計畫中何時展開，並將其納入我們的模型中，以便我們可以將其納入綜合資源計畫 (IRP)。

Okay. Perfect. Yeah, that's helpful. And then you piqued my interest with the behind-the-meter project that you're working on for 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 Vantage pipeline. Curious about that overall opportunity.

好的。完美的。是的，這很有幫助。然後，你為 Vantage 公司開發的資料中心表後專案引起了我的興趣。我只是想問一下，您能否詳細說明一下這個專案的規模有多大，以及您正在使用哪種發電技術。對於這類專案與 Vantage 專案線中的其他專案相比，其報酬率如何，大家有什麼想法嗎？我對這個整體機會很感興趣。

Yeah. 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. And again, 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. So this is just a really good example of the type of projects Vantage has in the pipeline that supports their income targets, and we'll look for additional opportunities like that should they become available. We'll keep you posted though, as things develop.

是的。我們仍在與資料中心提供者進行磋商。這是主電源，所以它在電錶後面。你可以把它理解為更像是CT。再次強調，現在透露這筆交易的許多細節還為時過早。我們還沒有完全敲定，但這對 Vantage 團隊來說是一個非常好的機會，而且如果你看看我們作為一家企業的技能組合，它就完全符合我們的需求。所以，這正是 Vantage 正在籌備的、能夠支持其收入目標的項目類型的一個很好的例子，如果以後有類似的機會出現，我們也會繼續尋找。我們會隨時向您報告最新進展。

Bill Appicelli, UBS.

比爾‧阿皮切利，瑞銀集團。

Just a question around the rate case in the ERM. I guess, what is the potential upside for investment there? Should more supportive regulation and decisions coming your way around the -- in terms of the capital outlook on that mechanism?

關於歐洲匯率機制的利率問題，我有個疑問。我想問的是，在那裡投資的潛在收益是什麼？就該機制的資本前景而言，是否應該推出更多支持性的監理措施和決策？

Yeah. So just to give clarity, the IRM, the investments are already in our plan. What we did hear back from the staff was a 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. So in this case, we requested up to $1 billion beginning in 2027. And what we were really happy to hear the staff support even a pull forward. So they did pull out maybe $200 million of the pull-out maintenance and suggested that, that should get incorporated into our existing IRM in 2026.

是的。為了明確起見，IRM 的投資已經在我們的計劃中了。我們從員工那裡得到的回饋是，他們非常支持我們在案例中提出的投資方案和投資節奏。不過，我們的目標是在未來的案例中繼續擴大 IRM 的應用範圍。因此，我們申請從 2027 年開始提供高達 10 億美元的資金。更讓我們高興的是，員工們甚至支持向前邁進。因此，他們可能從撤出維護中拿出了 2 億美元，並建議將這筆錢納入我們現有的 2026 年 IRM 中。

So that will be incremental IRM spend that would show up next year should we get that final ruling in 2026 in February. So 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.

因此，如果我們在 2026 年 2 月得到最終裁決，那麼明年就會出現增量 IRM 支出。所以，這再次表明，我們與員工在需要進行哪些類型的投資來提高可靠性和速度方面意見一致。

Okay. Great. And then just taking a step back, I mean, when 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? Or would that need to require some additional capital to push you to the upper end or I just want to clarify that? Or would that be then to the point made earlier, upside to the plan overall?

好的。偉大的。然後，我們不妨退一步想想，當我們考慮到 2030 年的整體成長率時，需要明確的是，你們所說的「偏向上限」是指目前這個計畫的實際情況嗎？或者說，這是否需要一些額外的資金才能讓你達到更高的水平？我只是想確認一下這一點？或者說，這是否就如前所述，是該計劃的整體優勢所在？

That 6% to 8% through 2030 is our plan that we've laid out here today. And we say we have a bias to the upper end in each year, again, 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.

我們今天提出的計劃是，到 2030 年將達到 6% 到 8% 的成長。我們說，由於 45Z 稅收抵免及其提供的靈活性，我們在每年的計劃中都傾向於較高的水平。Joi 談到了我們擁有的更多機會，例如更多的資料中心，這將為該計劃帶來額外的收益。

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

好的。所以，當我們談到到 2030 年，也就是稅收抵免政策實施之後，當我們談到向高端發展方向的偏向，一直延續到那麼遠的時候，這只是反映了目前的資本計畫。

Yeah. When we get to 2030, because of the 45Z also, you have flexibility year-to-year. So we think there's opportunity in 2030 to hit the upper end that year two of the 6% to 8% range.

是的。到 2030 年，由於 45Z 的存在，每年都有更大的靈活性。因此，我們認為到 2030 年有機會達到 6% 到 8% 區間的上限。

Michael Sullivan, Wolfe Research.

Michael Sullivan，Wolfe Research。

Just wanted to pick right up on that last question, Dave. So in 2030, when the 45Z go away, what is it that pushes you to the high end? Or is there like some way you can continue to book those a year beyond exploration? Or just a little more color on that would be helpful.

戴夫，我只想接著你最後一個問題繼續說下去。那麼到了 2030 年，當 45Z 停產時，是什麼促使你轉向高階車型？或者有沒有辦法在探索期結束後的一年內繼續預訂這些行程？或者，如果能再增加一些細節描述就更好了。

Yeah. What we see with these 45Z is flexibility, right? So we've been able to -- as we've done this year, is find ways to pull forward some expenses to help future years. And we just see that favorability from 2029 and 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.

是的。我們從這些 45Z 中看到的是靈活性，對吧？因此，我們能夠——就像我們今年所做的那樣——找到方法提前支付一些費用，以幫助未來幾年。我們看到，從 2029 年開始，這種有利情況將幫助我們在 2030 年也能處於有利地位，從而在進入更高層次時也能取得更好的成績。

Okay. That's really helpful. And then another one for you, Dave. I think in the past, you may have all pointed to more of like a 15% to 16% FFO to debt range and it looks like now just 15%. Any color on what what's going on there?

好的。這真的很有幫助。再給你來一個，戴夫。我認為過去你們可能都認為 FFO 與債務之比應該在 15% 到 16% 之間，現在看來只有 15% 了。有沒有人知道那邊到底發生了什麼事？

Well, I'll just say, Michael, we have got great growth opportunity in our utility as we're doing this work that Jay described for reliability and cleaner generation also the data centers. So 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.

嗯，邁克爾，我只想說，正如傑伊所描述的那樣，我們在公用事業領域擁有巨大的成長機會，因為我們正在進行提高可靠性、改善清潔發電以及資料中心建設方面的工作。因此，我們認為將目標設定在 15% 的範圍內，可以繼續為我們提供足夠的緩衝空間，以應對我們認為的閾值。這讓我們處於非常有利的地位，我們將繼續致力於保持良好的資產負債表，並且我們正在與評級機構合作，以確保他們充分了解我們的融資計劃，以及我們強勁的現金流，這樣他們未來就會對此感到放心。

Okay. And one last quick one. Just the $2.5 billion for CCGT investment, I think you're building a 1.5-gigawatt plant. Is that the full amount? Or are you not capturing the full investment in the five-year and the plant itself could cost a little more than that because that just seems a little on the lower end, I would have thought of what a combined cycle would cost?

好的。最後還有一個簡短的問題。僅用於燃氣渦輪聯合循環發電的 25 億美元投資，我認為你們就能建造一座 1.5 吉瓦的電廠。這是全部金額嗎？或者，您是否沒有將五年內的全部投資納入考量？工廠本身的成本可能要高一些，因為五年期的成本似乎偏低，我原本以為聯合循環的成本會更高一些？

Yeah. It trails into 31. So beyond the five-year.

是的。它一直延續到 31。所以，超過五年了。

Andrew Weisel, Scotiabank.

安德魯‧韋塞爾，加拿大豐業銀行。

Dave, a question for you first. You mentioned that at gas, you're unwinding some cost-cutting efforts from the past few years. I know that as a company, you're masterful about being nimble with O&M expenses, but I thought that was typically more short term, like within the year, maybe too. So I'm a little surprised to hear you talk about it over a multiyear period. Can you discuss some examples of what might be included in there? What type of actions you're referring to? And then as we look to '26 and beyond, how should we think about the O&M outlook for the gas business?

戴夫，我先問你一個問題。您提到，在天然氣方面，您正在逐步取消過去幾年的一些成本削減措施。我知道貴公司在營運和維護費用方面非常靈活，但我認為這通常更多是短期的，例如一年之內，或許也是如此。所以，聽到你花了這麼多年時間談論這件事，我有點驚訝。您能舉例說明一下其中可能包含哪些內容嗎？你指的是哪一種類型的行動？展望 2026 年及以後，我們該如何看待天然氣業務的營運與維護前景？

Yeah. We've essentially let some of the backlog, maintenance backlogs we allow those to rise and we're unwinding a lot of that this year. So that's just an example of some of the things that we typically do in the gas company. And we were ahead of plan when -- before we saw warmer weather, so we had some opportunities to relax our maintenance efforts, and this is non-emergent maintenance backlog. And this year, we're just getting back on track. We're getting back to our normal run rate for maintenance and other expenses.

是的。我們基本上放任了一些積壓的工作，例如維護積壓的工作，我們允許這些工作不斷增加，而今年我們正在逐步解決其中許多問題。以上只是我們天然氣公司通常會做的一些事情的一個例子。在天氣變暖之前，我們的進度就超前於計劃，因此我們有機會放鬆一下維護工作，而這些是非緊急的維護積壓。今年，我們終於重回正軌。我們的維護和其他開支正在恢復到正常水準。

And Andrew, I'll say like on our ability to be nimble, like we had a couple of years of warmer weather at gas. And so that did extend over a couple of years, but it's still shows that we're able to balance things across our business to make sure we do everything to hit the numbers.

安德魯，我想說，就我們靈活應變的能力而言，就像我們經歷了幾年天然氣價格上漲帶來的溫暖天氣一樣。雖然這個過程持續了幾年，但這仍然表明我們能夠平衡公司各方面的業務，確保我們盡一切努力實現目標。

Okay. Great. And that is part of the outlook?

好的。偉大的。這是前景的一部分嗎？

The outlook for Gas?

天然氣產業前景如何？

We think about O&M -- yeah, the outlook for O&M at gas going forward.

我們考慮的是運維——是的，是天然氣運維的未來前景。

Yeah. The O&M for gas. I think this is a normal run rate that we would typically see. And then as usual, we build in some flexibility where we can lean if we need to or invest, should we see colder than normal temperatures.

是的。天然氣的運維。我認為這是我們通常會看到的正常運行率。然後，像往常一樣，我們預留了一些靈活性，以便在氣溫低於正常水平時，我們可以根據需要進行調整或投資。

Okay. Got it. And then, Joi, in your prepared remarks, I want to ask about affordability a bit. I think you said the 1.4 gigawatts of new data center load should bring meaningful affordability benefits the existing customers. But then you also talked about protecting them.

好的。知道了。然後，Joi，在你的演講稿中，我想問一下關於價格負擔能力的問題。我認為您說過，新增的 1.4 吉瓦資料中心負載應該能為現有客戶帶來顯著的成本優勢。但你也談到了保護他們。

So I'm just wondering, can you give more specific -- are you expecting the new data centers and this specific deal to be neutral to residential customer rates or monthly bills or deflationary? And how will that impact flow through? Will that go through rate cases or through the industrial tariff? How is that going to work for existing customers?

所以我想問一下，您能否更具體地說明一下——您認為新的資料中心和這項具體交易對居民用戶的費率或月帳單是中性的，還是會導致通貨緊縮？那會對流量產生什麼影響？這會透過費率調整程序還是透過工業關稅程序來解決？這對現有客戶會有什麼影響？

Yeah. This is great for existing customers because we don't have to build anything substantial to support the load. We're using our excess capacity to support the load and building batteries on top of it just for peak shaving purposes and the customers get that full benefit.

是的。這對現有客戶來說是件好事，因為我們不需要建造任何實質的東西來支撐負載。我們正在利用剩餘產能來支援負載，並在其上建造電池，專門用於削峰填谷，客戶將從中獲得全部好處。

So it will show up in the form of a lower ask over our next rate case cycle. So customers will get that flow through in that form. In terms of the protections, the contract terms protect our customers from stranded assets or rate shock over a period of time when we're serving the customers, the data center customers that is.

因此，這將在我們下一個利率調整週期中以較低的要價形式反映出來。這樣一來，客戶就能以這種形式獲得所需的資訊流。就保障措施而言，合約條款可在我們為資料中心客戶提供服務期間，保護我們的客戶免受資產擱淺或費率衝擊的影響。

Anthony Crowdell, Mizuho.

Anthony Crowdell，瑞穗銀行。

I just wanted to follow up two quick cleanups. Mike's question earlier on the FFO to debt, Dave. As Vantage becomes a smaller and smaller portion of the company's earnings mix, any conversation with the agencies of and improved or lower downgrade threshold.

我只是想跟進兩處簡單的清理工作。戴夫，麥克之前問過關於FFO與負債比率的問題。隨著 Vantage 在公司收益構成中所佔比例越來越小，與評級機構的任何對話以及評級下調閾值的提高或降低。

We are in constant communication with the rating agencies. I think right now -- and because we have a lot of really utility-like projects Advantage, I don't know if that will lead to lower thresholds, but we will continue those conversations because we will be moving more into that going forward as well.

我們與評級機構保持密切溝通。我認為目前——而且因為我們有很多真正像公用事業項目一樣的優勢，我不知道這是否會導致門檻降低，但我們會繼續這些討論，因為我們未來也會更多地涉足這一領域。

And the current threshold is 14% or 15%?

目前的閾值是14%還是15%？

It's down around 14%. It depend the rating agency depends on the way they measure it also relative to how we do, but more in the 13% to 14%.

下降了約 14%。這取決於評級機構的衡量方式，也取決於他們如何衡量，以及與我們相比，但更可能在 13% 到 14% 之間。

Great. And then one of the earlier questions, I think Bill was asking on the IRM mechanism. You highlighted, I think staff is $1.2 billion. I guess just is the cadence of spend, if you could just talk about that? And then also the company previously or historically would file maybe an electric case every maybe 12 to 24 months, does that stretch out the filings, the frequency of the filings?

偉大的。然後，我記得比爾之前問過一個關於IRM機制的問題。你提到的那一點，我認為員工人數是 12 億美元。我想說的就是消費節奏，如果可以的話，請您談談這個？此外，該公司過去或歷史上可能每 12 至 24 個月才會提起一次電氣訴訟，這是否會延長訴訟的期限或頻率？

Yeah. So the way the IRM is $1 billion. It starts in 2027. We have an existing IRM, but it starts to ramp up in our filing in 2027 and grows to $1 billion over three years. And the way that we've laid this out we would start to see that investment grow and make adjustments along the way based on performance. So in our next filing, we will look to update it. and increase it even further. You asked about will that keep us out of rate cases. Where we have it right now, we will give us maybe six to eight months' worth of, I think, benefit that we could push out a rate case for that period of time. As it continues to grow, that time will lengthen.

是的。所以 IRM 的預算是 10 億美元。始於2027年。我們目前有一個 IRM，但它將在 2027 年的申報中開始逐步增加，並在三年內增長到 10 億美元。按照我們目前的規劃，我們將看到投資不斷成長，並根據績效進行調整。因此，在下次提交的文件中，我們將更新並進一步提高這一數字。你問過這是否會讓我們免於利率案件。就我們目前的情況來看，我認為，我們可以爭取六到八個月的時間來延後利率調整。隨著其持續增長，這個時間將會延長。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

I guess my first question is the junior subordinated debt you talk about, is that instead of or in addition to the planned equity annual issuance of equity?

我想問的第一個問題是，您提到的次級債務，是取代還是補充計畫中的年度股權發行？

Yeah. We do expect to have some junior sub that comes within our plan. We're going to look at that strategically, but that would be that would be additional to the equity that is laid out. What we've laid out is what we would need to do for true equity issuances of $500 million to $600 million.

是的。我們計劃中確實會有一些初級替補球員。我們將從策略角度考慮這個問題，但這將是對已製定的股權的額外補充。我們已經列出了要進行 5 億至 6 億美元的真正股權發行所需採取的措施。

Right. And then on the CCGT, what is the cost per KW that we should assume for the CCGT?

正確的。那麼，對於 CCGT 而言，我們應該假設每千瓦的成本是多少？

Well, we're seeing ranges. So right now, it's roughly $2,500, and we're still updating our estimates. We'll know for certain once we get the finalization of our RFPs and see what is coming out. We've got the IRPs for our Power Island but there's still some additional work. But that's our initial estimate at this point.

嗯，我們看到的是範圍。所以目前的價格大約是 2500 美元，我們仍在更新我們的估算。等我們的招標書最終定稿，看到結果之後，我們就能確定了。我們已經制定了電力島的綜合資源規劃，但還有一些額外的工作要做。但這只是我們目前的初步估計。

Great. And then turbine availability, if you get the 3 gigawatts that you're in advanced stage negotiation, do you see what timeframe do you see sort of being able to get turbines?

偉大的。那麼，關於渦輪機的可用性，如果你獲得了目前談判進入後期階段的 3 吉瓦電力，你認為大概需要多長時間才能獲得渦輪機？

Yeah. Well, we're actually in the queue for our turbines that we want to bring on to replace Monroe only. And that CCGT we have in the plan, it only supports the retirement of Monroe. It has nothing to do with data centers. If we want to bring on another CCGT to support data centers, we're still seeing a three to four-year timeline for at least 1 gigawatt and above.

是的。實際上，我們正​​在排隊等待我們想要引進的渦輪機，這些渦輪機將只用來替換門羅渦輪機。而我們計畫中的CCGT（聯合循環燃氣渦輪機）僅用於支援門羅號的退役。這和資料中心沒有任何關係。如果我們想再引進一座燃氣渦輪機聯合循環電站來支援資料中心，我們仍然認為至少需要三到四年的時間才能建成 1 吉瓦及以上的裝置容量。

There is some flexibility we're seeing for smaller turbines. It just depends on how big a data center low are trying to serve and when the ramp kind of gets to the top end. So we'll flesh all of this out in next year's IRP and again, pick the right resource mix to support the loads.

我們看到小型渦輪機有一定的彈性。這完全取決於資料中心要服務的規模有多大，以及負載何時達到高峰。因此，我們將在明年的 I​​RP 中詳細闡述所有這些內容，並再次選擇合適的資源組合來支援負載。

I guess, just theoretically, if some of the 3 gigawatts were to be finalized, if their need were sort of before that three to four-year timeline, you would serve that load potentially through purchase power? Or how would that work?

我猜，理論上講，如果這 3 吉瓦中的一部分最終得以實現，而他們的需求在三到四年的時間表之前就已滿足，那麼你們或許可以通過購買電力來滿足這部分負荷？或者，該如何操作呢？

Yeah. The way that we're going to address these contracts is really get a sense of how quickly they want to ramp and then use the IRP modeling to tell us what is the optimal resource mix to support that load. It could be a combination of renewables and battery storage, similar to what we're doing with this -- the deal that we have on the table or it could require, still too early to say. All of that will get fleshed out as we finalize the negotiations and incorporate it into the IRP next year.

是的。我們將採取的解決這些合約的方法是，真正了解他們希望以多快的速度擴大產能，然後使用 IRP 模型來告訴我們支持該負荷的最佳資源組合是什麼。這可能是再生能源和電池儲能的結合，類似於我們正在做的事情——我們擺在桌面上的協議，或者可能需要的協議，現在說還為時過早。所有這些內容都將在我們最終敲定談判並於明年納入綜合資源計劃 (IRP) 的過程中得到完善。

Great. And then last question for me. You're looking at potentially higher trading contributions in '25. Can you give us a sense of how much? And will next year's trading contribution be sort of back at the [50 to 60] level that it was this year?

偉大的。最後一個問題。預計 2025 年的交易貢獻可能會更高。你能大概說說有多少嗎？明年的交易貢獻能否恢復到今年的[50%至60%]水準？

Right, Paul, trading is having a really good year. We're seeing these strong margins. We talked about both gas and physical power portfolio, again, structured and hedged. Right now, our year-to-date is above the range, and that's given us some flexibility across our business.

沒錯，保羅，今年的交易情況非常好。我們看到了強勁的利潤率。我們再次討論了天然氣和實體電力投資組合，以及結構化和對沖策略。目前，我們今年的業績已經超過了預期範圍，這為我們的業務帶來了一定的靈活性。

We don't plan for earnings to continue at that pace. We put in the [50 to 60], as you mentioned. However, because some of these contracts are longer term, we do see some favorability that could come into '26, but we don't forecast that long term. We forecast around the [50 to 60] still.

我們預期獲利不會繼續以這樣的速度成長。正如您所提到的，我們投入了[50到60]。然而，由於其中一些合約是長期合約，我們確實看到一些利好因素可能會持續到 2026 年，但我們並不預測這種利好會持續很久。我們預測仍在[50至60]左右。

Angie Storozynski, Seaport.

安吉·斯托羅津斯基，海港。

So a lot of questions ahead of me. But can you give me a sense, the 1.5 gigs or the can data center contract that you just finalized 1.4 and then the additional contracts in the works. I mean how do they compare versus the load that you currently serve? Yeah, like percentage wise, how big of an impact it is?

所以，我面前有很多問題。但是，您能否給我一個大致的了解，1.5Gb 或您剛剛敲定的 1.4Gb 數據中心合同，以及正在洽談中的其他合同？我的意思是，它們與您目前服務的負載相比如何？是的，從百分比來看，它的影響有多大？

Yeah. So the 1.4 increases are low by 25%. So that should give you a sense of what an additional gigawatt could equate to if we were able to bring it on.

是的。所以，1.4 的增幅比預期低了 25%。這樣一來，你就能大致了解如果我們能夠增加1吉瓦的發電量，將會帶來怎樣的影響。

Yeah. I mean, yeah, that puts it in perspective. Now on Vantage, I understand that you're shifting investments towards basically a higher multiple business, which makes sense. It's kind of surprising to see that there is less of growth opportunities for Vantage in this day and age where you have this seeing an explosion of behind-the-meter generation, like cogen seems to be such a hot investment right now. It's only because it's behind the meter, if it's only because it's time to power. So again, you did mention some commodity price pressures, but I'm a little bit surprised to see the lower growth CAGR for that business.

是的。我的意思是，是的，這樣就看清了事情的本質。現在，在 Vantage，我了解到你們正在將投資轉向估值倍數更高的企業，這很合理。令人驚訝的是，在如今這種用戶側發電呈現爆炸性成長的時代，Vantage 的成長機會卻相對較少，而像熱電聯產這樣的技術目前似乎是一項非常熱門的投資。只是因為它落後於儀表，只是因為該通電了。所以，您確實提到了一些大宗商品價格壓力，但我有點驚訝地看到該業務的複合年增長率較低。

Yeah, Angie, we're going to continue to work the BD pipeline there. And this first deal that we're getting at least trying to get under our belt would inform if this is a vertical that we can pursue further. And again, this is outside of the state of Michigan.

是的，安吉，我們會繼續在那裡拓展業務管道。我們正在努力拿下的第一筆交易，至少可以讓我們了解這是否是我們可以進一步發展的垂直領域。再次強調，這發生在密西根州以外的地方。

We're hearing more and more that this behind the meter option is something that data center providers want to pursue. And so to your point, we're going to keep working it and ensure that we've got the execution capability. We've settled on a design, we think that works that gives the redundancy. So we think that could position us to be really attractive to data centers that are looking to pursue this type of solution.

我們越來越聽到這樣的聲音：資料中心提供者希望採用這種按表計費的方式。所以，正如您所說，我們將繼續努力，確保我們具備執行能力。我們已經確定了一個設計方案，我們認為這個方案可行，並且能夠提供冗餘。因此，我們認為這可以使我們對那些尋求此類解決方案的資料中心極具吸引力。

Okay. And Dave, could you comment on growth expectations for your dividend in this new higher CapEx environment?

好的。Dave，在資本支出不斷增加的新環境下，您能否談談對股息成長的預期？

Yeah, Angie, we're going to continue to revisit the dividend growth. We said in our prepared remarks that we're going to grow them with our operating EPS. And right now, we're in a payout ratio that's right in the midpoint of our peers. But we're going to continue to look at that and make sure that it supports both growth and what our investors prefer here.

是的，安吉，我們會繼續關注股息成長。我們在事先準備好的演講稿中說過，我們將透過營運每股收益來實現成長。而目前，我們的派息率正好處於同行的中​​等水準。但我們會繼續關注這一點，並確保它既能支持成長，又能滿足我們投資者的期望。

Travis Miller, Morningstar.

崔維斯米勒，晨星公司。

Just want to confirm the cash flow and earnings mix here over the next couple of years. So you hear correct the ramp comes for this data center. The ramp comes next year. And then there's really no incremental capital that you would fund because they're funding the storage, right? So cash flow and earnings should be pretty close, at least over the next one to two years as this data center contract ramps up? Is that correct?

想確認一下未來幾年這裡的現金流和收益結構。沒錯，這個資料中心的坡道是這樣的。坡道明年才能建好。這樣一來，就不需要額外投入資金了，因為他們已經為儲存設施提供了資金，對吧？因此，至少在未來一兩年內，隨著資料中心合約的逐步推進，現金流和收益應該會非常接近？是這樣嗎？

Well, we're investing the storage to fund the storage assets, and then we'll be getting the cash flows from the ramp, which does ramp up really quick. But we will be investing in those storage assets. And that's why one of the reasons why we're pulling some of our capital forward and need some of this additional equity.

我們投資儲存設施是為了給儲存資產提供資金，然後我們將從產能爬坡階段獲得現金流，而產能爬坡階段確實進展得非常快。但我們將投資這些倉儲資產。這也是我們提前動用部分資金並需要額外股權的原因之一。

Okay. That would be over a short period of time, though, right?

好的。但這應該只是在很短的時間內發生的，對吧？

Yeah, short periods, few years time.

是的，時間很短，幾年時間。

Okay. And what size is the storage? Investment? Not dollars, but how many gigawatts or --

好的。儲存容量有多大？投資？不是美元，而是多少吉瓦或--

It's a gigawatt of storage and then we're going to use tolling agreements. So in accordance with our IRP settlements, we are going to build two thirds of the requirement, and then we're going to use tolling agreements for the other three, which are -- we'll get the FCM on the tolling agreement.

這是一個1吉瓦的儲能係統，然後我們將採用收費協議。因此，根據我們的 IRP 結算，我們將建造三分之二的需求，然後我們將對其餘三分之二的需求使用收費協議，這三分之二的需求是——我們將透過收費協議獲得 FCM。

There are no questions at this time.

目前沒有問題。

Thank you, everyone, for joining us today. I'll just close out by saying DTE continues to have a really strong year in 2025 and we are well positioned for 2026. And I am just really excited about our long-term plan and the opportunities ahead, and I look forward to seeing many of you at EEI in just over a couple of weeks. So thank you all for joining us today. Have a great morning. Stay safe and be healthy.

謝謝各位今天蒞臨。最後我想說的是，DTE 在 2025 年繼續保持強勁的業績，我們為 2026 年做好了充分的準備。我對我們的長期計劃和未來的機會感到非常興奮，並期待在幾週後的EEI會議上見到你們中的許多人。感謝各位今天蒞臨本站。祝您早安。注意安全，保持健康。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect. Everyone, have a great day.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。祝大家今天過得愉快。