DTE Energy Plans $44 Billion Investment After Deal to Sell Most of Vantage for About $3 Billion
Key Facts
On November 5, 2026, DTE Energy announced an agreement to sell most of DTE Vantage’s non-utility businesses to institutional investors advised by J.P. Morgan Asset Management’s global infrastructure team for about $3 billion. The company said the deal supports redirecting resources to its regulated electric and gas utilities and comes alongside a plan to direct about $44 billion to customer-related investments over the next five years. The agreement excludes EES Coke, so the sale covers most of Vantage’s businesses and not the entire unit. Chief Executive Officer Joi Harris said the deal “strengthens our strategy to focus our resources on our regulated electric and gas utilities.” The sale is expected to close in the first half of 2027, subject to regulatory approvals and customary closing conditions.
DTE says its planned capital investment of about $44 billion will support utility priorities over the next five years, including meeting rising demand from data centers. It added that these loads provide affordability benefits for existing customers. The company said data center agreements cover the full cost of the energy and grid investments needed to serve them, along with billions of dollars in contributions to the electric system through 2045. The demand expansion forms part of the context the company presents for directing its future investments. DTE also linked the sale to sharpening its focus on regulated utility businesses and investment opportunities to serve customers and communities.
The plan comes as DTE says it invested nearly $4.1 billion in its utilities through the end of the third quarter of 2026 and expects to spend $6.1 billion during the year. The figures show investment completed so far compared with the company’s target for all of 2026. In the third quarter, operating earnings were $481 million, or $2.30 per share, compared with $468 million, or $2.25 per share, in the same quarter of 2025. The company reaffirmed its 2026 operating earnings guidance range of $7.59 to $7.73 per share and said it is well positioned to reach the upper end. DTE is targeting compound annual growth in operating earnings per share of more than 9% through 2031, under its growth plan tied to the strategic transition.
Among the projects underpinning the utility plans, DTE Electric submitted a 20-year integrated resource plan to the Michigan Public Service Commission, including a mix of renewable energy, storage, nuclear power and natural gas. The company said the plan maintains its commitment to end coal use in 2032 and cuts carbon dioxide emissions by 84%. In a separate filing, the commission approved electricity contracts for Google’s data center and said the approval ensures the project’s costs will not be charged to other DTE customers. The agreement provides for a 20-year contract term, a minimum bill equal to 80% of contracted electricity demand, and an early termination fee covering at least 15 years of minimum monthly charges. DTE said the contract could reduce costs for other customers by $1.7 billion over the contract term.
According to the Michigan Public Service Commission, Google’s center is expected to begin receiving service in December 2027 and reach peak load in December 2028. But the commission’s approval drew a request for reconsideration: Michigan Attorney General Dana Nessel filed a petition on October 30, 2026, warning of risks that costs could be shifted to utility customers. These developments place data center contracts within an active regulatory context as DTE prepares to expand investment in its utilities. The Vantage sale itself has not yet closed, with the company targeting completion in the first half of 2027. Closing remains subject to regulatory approvals and customary closing conditions.