DTE Energy (DTE)
Operator of Michigan electric and gas utilities, energy projects and trading businesses.
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DTE Energy keeps the lights on in southeastern Michigan and the furnaces lit across the state, earning by putting money into poles, wires, pipes and power plants that regulators then let it charge customers for. A big energy-trading desk swells the sales line without adding much profit. The newest thing: enormous data centers signing power contracts that run for decades, turning a Detroit utility into a builder for the artificial-intelligence boom.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 10 more below
DTE Electric
The regulated electric utility for about 2.3 million southeastern Michigan customers, and the profit engine: two-thirds of what the four businesses earn. It carries $30B of the $36.5B building plan to 2030 and all 2.4 gigawatts of signed data center load.
Competes with Consumers Energy electric utility (CMS Energy) · Electricity supply from independent sellers (Alternative Michigan suppliers)
In plain English
Every home and shop in a wide band of southeastern Michigan buys power from one company, because the state grants that right and then sets the price. DTE Electric generates the electricity, moves it down its own wires, and bills about 2.3 million customers.
The money works like a landlord's rather than a shopkeeper's. DTE spends on plants, wires and transformers; the state commission decides how much of that spending was sensible, adds it to the pile the company may earn on, and sets rates covering costs plus an agreed profit rate — 9.9%, with 10.75% now requested. Building, not selling more kilowatts, lifts earnings. It has spent more than it brought in every year since 2020, and borrows and sells shares to cover the gap.
Saline Township power contracts
Two October 2025 agreements power an Oracle and OpenAI campus of up to 1,383 megawatts in Saline Township, running to 2045 — roughly $228M a year of minimum billing once it fully ramps in late 2027. Michigan's attorney general is appealing the approval.
Competes with Standard power terms for data centers (CMS Energy) · Power deals for big data centers (Out-of-state utilities)
In plain English
A data center is a warehouse full of computers, and a very large one draws about as much power as a small city. In Saline Township, developer Related Digital is putting up a $16 billion campus with Oracle, a software company, and OpenAI, an artificial-intelligence company, using the machines inside.
DTE signed two contracts to feed it, power plus batteries, out to 2045 — with a minimum bill due every month whether the campus draws the power or not, and a payment of roughly $2.26 billion if the customer walks away in late 2027. DTE's other customers are millions of households and shops; this is the first single one big enough to name.
Van Buren Township contract (Google)
A 1-gigawatt Google data center on a 20-year contract, deliberately kept out of DTE's earnings plan until state regulators sign off. Roughly $5B of building would follow a decision that was requested for September 10, 2026. Approval is the switch that turns it into revenue.
Competes with Data center customer-protection terms (Consumers Energy) · Power offers from utilities in rival states (Out-of-state utilities)
In plain English
Google picked a Michigan township for a data center that would eventually draw a full gigawatt by 2028 — about what a large power plant makes, for one customer.
Unlike the Saline deal, Google agreed up front to defend the contract in a full public hearing at the state commission, Michigan's first for a data center this size, and put $10 million into a state energy impact fund. The terms are minimum monthly charges plus a commitment to speed up clean capacity. DTE has been careful to say that none of its promised earnings growth leans on this: it joins the plan only after approval.
Energy Trading
The in-house desk buying and selling power, gas and clean-energy credits, mostly with other utilities, gas distributors, pipelines and generators. It books two-fifths of revenue for 7% of what the four businesses earn; 2025's jump was gas prices, and analysts pencil in no repeat.
Competes with Gas and power trading desk (BP Energy) · Gas and power trading desk (Shell Energy North America) · Wholesale power marketing (Constellation Energy)
In plain English
Picture a desk that buys natural gas and electricity in bulk, parks them in pipeline and storage space it has already paid for, and resells to other utilities, gas distributors and power producers.
Because DTE books the whole sale price of everything passing through, the revenue looks enormous — $6.5B in 2025, swollen by about $2B of higher gas prices alone. What was left after paying for the gas was $123M. Results lurch around from quarter to quarter, partly because the contracts get re-valued at market prices each period while the gas actually sitting in storage does not.
DTE Gas
The regulated gas utility: pipes, storage and delivery for about 1.4 million Michigan customers, plus renting spare storage and pipeline room to others. It earned $295M in 2025. Volumes go nowhere, so growth rides on $4.5B of pipe spending through 2030.
Competes with Consumers Energy gas utility (CMS Energy) · Electricity, oil and steam as substitute fuels (Rival fuel suppliers)
In plain English
The gas that heats about 1.4 million Michigan homes and businesses runs through DTE's pipes, and a lot of it spends the summer underground in storage fields the company owns. Bills land in winter: a first quarter brings roughly $700M of revenue against $230–290M in a summer quarter.
Since the state sets the price, selling more gas is not how this business grows. DTE replaces old pipe, renews the network, and asks the commission to let it charge for the work. It also rents its spare storage and pipeline room to outsiders — something its links to the big Midwestern pipelines make possible.
DTE Vantage
The non-utility arm: methane captured from landfills and farms, plus power, steam and chilled water sold to industrial hosts, and a coke plant. $696M of sales but $154M of profit, because clean-fuel and tax credits ride along.
Competes with Archaea renewable gas platform (bp) · Renewable natural gas projects (OPAL Fuels)
In plain English
Everything DTE owns that is not a Michigan utility sits here. One half parks equipment next door to factories, an airport, a hospital and a casino, selling them electricity, steam, chilled water, compressed air and wastewater treatment on their own doorstep. The other half captures the gas given off by landfills and farm waste. There is also a plant that bakes coal into coke.
Small in sales, fat in profit: $154M on $696M, because federal and Californian clean-fuel credits attach to the gas it sells. Management points at those credits when it promises the high end of its earnings growth. The filings also warn that this arm leans on a limited number of customers.
Renewable Gas Recovery
Twenty-two sites in ten states capture the gas that landfills and farms give off, clean some of it to pipeline standard and sell it as vehicle fuel with clean-fuel credits attached. Those credits are why management keeps promising the top of its growth range.
Competes with Landfill gas to pipeline projects (Montauk Renewables) · Archaea landfill gas network (bp) · Landfill and farm gas projects (OPAL Fuels)
In plain English
Rubbish rotting under a landfill cap gives off methane — the same gas that burns on a kitchen stove. Farm waste does it too. DTE collects that gas at 22 sites, scrubs some of it clean enough for the ordinary gas network, and sells it as fuel for vehicles.
The fuel is only part of the payment. Because it stands in for gas pulled out of the ground, each load also carries credits under California's low-carbon fuel rules and a federal renewable fuel programme, and those credits are sold along with the gas. Outside estimates put the whole market for this kind of gas at roughly $15–19 billion a year, which makes DTE a small player in it.
DTE ElectricThe regulated electric utility for about 2.3 million southeastern Michigan customers, and the profit engine: two-thirds of what the four businesses earn. It carries $30B of the $36.5B building plan to 2030 and all 2.4 gigawatts of signed data center load.The regulated electric utility for about 2.3 million southeastern Michigan customers, and the profit engine: two-thirds of what the four businesses earn. It carries $30B of the $36.5B building plan to 2030 and all 2.4 gigawatts of signed data center load.
In plain English
Every home and shop in a wide band of southeastern Michigan buys power from one company, because the state grants that right and then sets the price. DTE Electric generates the electricity, moves it down its own wires, and bills about 2.3 million customers.
The money works like a landlord's rather than a shopkeeper's. DTE spends on plants, wires and transformers; the state commission decides how much of that spending was sensible, adds it to the pile the company may earn on, and sets rates covering costs plus an agreed profit rate — 9.9%, with 10.75% now requested. Building, not selling more kilowatts, lifts earnings. It has spent more than it brought in every year since 2020, and borrows and sells shares to cover the gap.
Competes with Consumers Energy electric utility (CMS Energy) · Electricity supply from independent sellers (Alternative Michigan suppliers)
Saline Township power contractsTwo October 2025 agreements power an Oracle and OpenAI campus of up to 1,383 megawatts in Saline Township, running to 2045 — roughly $228M a year of minimum billing once it fully ramps in late 2027. Michigan's attorney general is appealing the approval.Two October 2025 agreements power an Oracle and OpenAI campus of up to 1,383 megawatts in Saline Township, running to 2045 — roughly $228M a year of minimum billing once it fully ramps in late 2027. Michigan's attorney general is appealing the approval.
In plain English
A data center is a warehouse full of computers, and a very large one draws about as much power as a small city. In Saline Township, developer Related Digital is putting up a $16 billion campus with Oracle, a software company, and OpenAI, an artificial-intelligence company, using the machines inside.
DTE signed two contracts to feed it, power plus batteries, out to 2045 — with a minimum bill due every month whether the campus draws the power or not, and a payment of roughly $2.26 billion if the customer walks away in late 2027. DTE's other customers are millions of households and shops; this is the first single one big enough to name.
Competes with Standard power terms for data centers (CMS Energy) · Power deals for big data centers (Out-of-state utilities)
Van Buren Township contract (Google)A 1-gigawatt Google data center on a 20-year contract, deliberately kept out of DTE's earnings plan until state regulators sign off. Roughly $5B of building would follow a decision that was requested for September 10, 2026. Approval is the switch that turns it into revenue.A 1-gigawatt Google data center on a 20-year contract, deliberately kept out of DTE's earnings plan until state regulators sign off. Roughly $5B of building would follow a decision that was requested for September 10, 2026. Approval is the switch that turns it into revenue.
In plain English
Google picked a Michigan township for a data center that would eventually draw a full gigawatt by 2028 — about what a large power plant makes, for one customer.
Unlike the Saline deal, Google agreed up front to defend the contract in a full public hearing at the state commission, Michigan's first for a data center this size, and put $10 million into a state energy impact fund. The terms are minimum monthly charges plus a commitment to speed up clean capacity. DTE has been careful to say that none of its promised earnings growth leans on this: it joins the plan only after approval.
Competes with Data center customer-protection terms (Consumers Energy) · Power offers from utilities in rival states (Out-of-state utilities)
Energy TradingThe in-house desk buying and selling power, gas and clean-energy credits, mostly with other utilities, gas distributors, pipelines and generators. It books two-fifths of revenue for 7% of what the four businesses earn; 2025's jump was gas prices, and analysts pencil in no repeat.The in-house desk buying and selling power, gas and clean-energy credits, mostly with other utilities, gas distributors, pipelines and generators. It books two-fifths of revenue for 7% of what the four businesses earn; 2025's jump was gas prices, and analysts pencil in no repeat.
In plain English
Picture a desk that buys natural gas and electricity in bulk, parks them in pipeline and storage space it has already paid for, and resells to other utilities, gas distributors and power producers.
Because DTE books the whole sale price of everything passing through, the revenue looks enormous — $6.5B in 2025, swollen by about $2B of higher gas prices alone. What was left after paying for the gas was $123M. Results lurch around from quarter to quarter, partly because the contracts get re-valued at market prices each period while the gas actually sitting in storage does not.
Competes with Gas and power trading desk (BP Energy) · Gas and power trading desk (Shell Energy North America) · Wholesale power marketing (Constellation Energy)
DTE GasThe regulated gas utility: pipes, storage and delivery for about 1.4 million Michigan customers, plus renting spare storage and pipeline room to others. It earned $295M in 2025. Volumes go nowhere, so growth rides on $4.5B of pipe spending through 2030.The regulated gas utility: pipes, storage and delivery for about 1.4 million Michigan customers, plus renting spare storage and pipeline room to others. It earned $295M in 2025. Volumes go nowhere, so growth rides on $4.5B of pipe spending through 2030.
In plain English
The gas that heats about 1.4 million Michigan homes and businesses runs through DTE's pipes, and a lot of it spends the summer underground in storage fields the company owns. Bills land in winter: a first quarter brings roughly $700M of revenue against $230–290M in a summer quarter.
Since the state sets the price, selling more gas is not how this business grows. DTE replaces old pipe, renews the network, and asks the commission to let it charge for the work. It also rents its spare storage and pipeline room to outsiders — something its links to the big Midwestern pipelines make possible.
Competes with Consumers Energy gas utility (CMS Energy) · Electricity, oil and steam as substitute fuels (Rival fuel suppliers)
DTE VantageThe non-utility arm: methane captured from landfills and farms, plus power, steam and chilled water sold to industrial hosts, and a coke plant. $696M of sales but $154M of profit, because clean-fuel and tax credits ride along.The non-utility arm: methane captured from landfills and farms, plus power, steam and chilled water sold to industrial hosts, and a coke plant. $696M of sales but $154M of profit, because clean-fuel and tax credits ride along.
In plain English
Everything DTE owns that is not a Michigan utility sits here. One half parks equipment next door to factories, an airport, a hospital and a casino, selling them electricity, steam, chilled water, compressed air and wastewater treatment on their own doorstep. The other half captures the gas given off by landfills and farm waste. There is also a plant that bakes coal into coke.
Small in sales, fat in profit: $154M on $696M, because federal and Californian clean-fuel credits attach to the gas it sells. Management points at those credits when it promises the high end of its earnings growth. The filings also warn that this arm leans on a limited number of customers.
Competes with Archaea renewable gas platform (bp) · Renewable natural gas projects (OPAL Fuels)
Renewable Gas RecoveryTwenty-two sites in ten states capture the gas that landfills and farms give off, clean some of it to pipeline standard and sell it as vehicle fuel with clean-fuel credits attached. Those credits are why management keeps promising the top of its growth range.Twenty-two sites in ten states capture the gas that landfills and farms give off, clean some of it to pipeline standard and sell it as vehicle fuel with clean-fuel credits attached. Those credits are why management keeps promising the top of its growth range.
In plain English
Rubbish rotting under a landfill cap gives off methane — the same gas that burns on a kitchen stove. Farm waste does it too. DTE collects that gas at 22 sites, scrubs some of it clean enough for the ordinary gas network, and sells it as fuel for vehicles.
The fuel is only part of the payment. Because it stands in for gas pulled out of the ground, each load also carries credits under California's low-carbon fuel rules and a federal renewable fuel programme, and those credits are sold along with the gas. Outside estimates put the whole market for this kind of gas at roughly $15–19 billion a year, which makes DTE a small player in it.
Competes with Landfill gas to pipeline projects (Montauk Renewables) · Archaea landfill gas network (bp) · Landfill and farm gas projects (OPAL Fuels)
Named in filings, launches and programs
- Custom Energy Solutions / On-Site EnergyServicePower, steam, chilled water, compressed air and wastewater treatment sold to roughly 13 hosts — factories, an airport, a hospital, a casino — from kit on their sites.
- Steel and Petroleum CokeProduct lineA Michigan plant baking a million tonnes of coke a year, plus an investment in a second plant of 1.2 million tonnes.
- DTE Electric battery storage portfolioProduct line · AnnouncedA 1,332 MW battery fleet approved by Michigan regulators in March 2026, with 332 MW of it tied to the Saline campus.
- Trenton Channel battery storageProduct line · RampingAn old coal site being rebuilt as batteries during 2026; 14 MW is already in service.
- Utility wind and solar fleetProduct line1,491 MW of wind and 393 MW of solar owned, plus 609 MW bought under contract; the plan adds roughly 900 MW a year.
- DTE Sustainable GenerationBrandThe non-utility generation arm; it bought a 123 MW plant that makes power and heat together, effective August 2025.
- Carbon Capture and SequestrationProduct · Pre-revenueSeveral US projects in development to capture and store carbon dioxide — filed under 'Emerging Ventures', with no revenue yet.
- CleanVision Natural Gas BalanceCustomer programA DTE Gas programme customers can opt into, paying extra to offset the carbon in their gas or to back renewable gas.
- Additional data center pipelineCustomer program · AnnouncedManagement counts 5–6 GW of further opportunities, about 2 GW in advanced talks, aiming for one more signed agreement by the end of 2026.
- Corporate and OtherSegmentHolding-company costs, non-utility debt and regional development stakes: a $268M loss in 2025, $73M deeper than the year before.
Custom Energy Solutions / On-Site EnergyService
Power, steam, chilled water, compressed air and wastewater treatment sold to roughly 13 hosts — factories, an airport, a hospital, a casino — from kit on their sites.
Steel and Petroleum CokeProduct line
A Michigan plant baking a million tonnes of coke a year, plus an investment in a second plant of 1.2 million tonnes.
DTE Electric battery storage portfolioProduct line · Announced
A 1,332 MW battery fleet approved by Michigan regulators in March 2026, with 332 MW of it tied to the Saline campus.
Trenton Channel battery storageProduct line · Ramping
An old coal site being rebuilt as batteries during 2026; 14 MW is already in service.
Utility wind and solar fleetProduct line
1,491 MW of wind and 393 MW of solar owned, plus 609 MW bought under contract; the plan adds roughly 900 MW a year.
DTE Sustainable GenerationBrand
The non-utility generation arm; it bought a 123 MW plant that makes power and heat together, effective August 2025.
Carbon Capture and SequestrationProduct · Pre-revenue
Several US projects in development to capture and store carbon dioxide — filed under 'Emerging Ventures', with no revenue yet.
CleanVision Natural Gas BalanceCustomer program
A DTE Gas programme customers can opt into, paying extra to offset the carbon in their gas or to back renewable gas.
Additional data center pipelineCustomer program · Announced
Management counts 5–6 GW of further opportunities, about 2 GW in advanced talks, aiming for one more signed agreement by the end of 2026.
Corporate and OtherSegment
Holding-company costs, non-utility debt and regional development stakes: a $268M loss in 2025, $73M deeper than the year before.