DTE Energy Co (DTE.N): Nearing Google Approval, DC Pipeline Supports 8%+ Growth

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DTE Energy Co (DTE.N): Nearing Google Approval, DC Pipeline Supports 8%+ Growth

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28 Jul 2026 14:15:49 ET │ 14 pages

DTE Energy Co (DTE.N)

Nearing Google Approval, DC Pipeline Supports 8%+ Growth

CITI'S TAKE

DTE’s datacenter projects are progressing well with Google approval

expected Sept, 2GW of development projects in advanced stages, and

Oracle execution underway with DTE positioned to have added credit Buy

protections in downside scenarios (CDS prices continue to show stress). Price (27 Jul 26 16:00) US$147.23

DTE’s adj. EPS of $1.32 beat in Q2 from tax timing, weather, and higher O&M

Target price US$168.00costs. Management indicated the Google project would move DTE to a solid

~8% long-term EPS growth trajectory, while an additional agreement from Expected share price return 14.1%

the ~2GW advanced pipeline would support an 8%+ framework. Expected dividend yield 3.2%

Expected total return 17.3%

Managing Oracle Risk — In fig 1, we show how Oracle CDS pricing increased

materially recently, but DTE indicated credit protection to handle this risk. Market Cap US$30,628M

Another Data Center Agreement Targeted by YE26 — DTE continues to see ~2GW

of advanced opportunities across multiple hyperscalers and co-locators, with an

additional 3-4GW of earlier-stage opportunities. Management remains confident in Price Performance

securing another agreement by year-end, with zoning continuing to be the primary (RIC: DTE.N, BB: DTE US)

gating item rather than customer demand. The upcoming 3Q IRP will include Oracle

and Google in the base case and the broader pipeline in its high-load scenario.

Google Approval Remains the Next Key Catalyst — Management expects the 1GW

Google special contract to receive MPSC approval in September. Google represents