- Earnings call transcript Q3 2022

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Operator

Good morning, and welcome to DTE Energy's Q3 2022 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Barbara Tuckfield, Director of Investor Relations. Ms. Tuckfield, please go ahead.

Barbara Tuckfield

Thank you, and good morning, everyone.

forward-looking I harbor to of statement including reference started, read you the get the safe the on to we would remind like to presentation, Before statements. Page X

and and to the Senior this Our presentation financial And Please to Norcia, morning CFO. in to are to refer the earnings, Vice earnings President is reconciliation GAAP earnings to a Jerry measure. Jerry of turn operating call CEO; the operating I'll also Ruud, morning. it non-GAAP which appendix. President this and references Dave includes provided now With Chairman, us over start

Jerry Norcia

Thanks, morning, everyone, good Barb, thanks and for joining us. and

and by Dave wrap the of through that on this the a I are This we Let quarters of accomplished year, we be and year, will morning, a things some update for up questions. saying well provide positioned continue XXXX, me your future. will to for we successes the way and take highlight track financial have start successful before we three very

are our guidance. midpoint achieve guidance $X growth operating over midpoint. well very X% guidance The our provides positioned from EPS XXXX We original to

energy week. updates our Integrated and of will filing many we IRP to to continuing be This commitment on reliable our provide next affordable filing customers. Plan clean, As will our and know, path or decarbonization our you Resource for provide to

of strategy of our multiple plan provide on put our our the into filing. benefits scenarios will of or Our five-year EEI. details provide update IRP team that taken with through energy of our as at Along for has an growth develop further their been extremely best IRA. impact to all I'm in this Act well Reduction customers, incorporating and going capital on we and working Naturally, conference. stakeholder members, we at plan our the are proud the filing couple works a weeks long-term feedback this all hard excited have of Inflation account team who capital as plan, this will the into to a update,

will MIGreenPower, which We growth. renewables provide continues voluntary to substantial our on also show program, updates

program this new of Just megawatts increasing subscription. the a subscribed X,XXX XXX-megawatt to customer, week, we

remains committed generation's doing our climate defining public invest to DTE to policy reliability. As by our issue, continuing our customers change to is part for ensure and

that be electric modernized against to the resilient to weather grid coming future. in able extreme be to demand needs and will be Our accommodate significant also be new

vehicle increased grid electric to electric will accelerates. the of continue Our pace adoption see load as

and of continuing see energy. improving this saw IRA. our infrastructure safe, are we the reliable demand aging the on updating additional We while the We affordable for focusing to passage provide Recently, and with IRA in into will company positive few on as specifics positive both the businesses. for minutes a the our benefits nonutility go IRA. overall Dave of and impacts the utility our for a

to stakeholders. our discuss investors. to to and X of how delivering that team, continue we Let's are customers, all move deliver engaged our We Slide know talented will for and with communities we for our

pleased to I'm Michigan some Magazine. Forbes recently we top by received. was in hard We have highlight employer DTE and of are a State the all on XX working the of fronts, these recognition named

X% will give me most Gallup, deliver to that ranks continues survey employee our DTE in worldwide team top engagement after stakeholders. Additionally, for recent in which our with the companies engagement, confidence of our

our our to continue support efforts customers. We also

energy clean, we reliable, provide week. to affordable our mentioned will be as generate safe, on our will IRP detail earlier, decarbonization efforts. As accelerate we our I plans next filing This

tens of Detroit We tree of areas build House aims city, and and by to while jobs Partnership. Detroit joined urban to canopy to in thousands train the continue community. air program years, trees and to also improvements. plant Detroit's of recently The an quality workers the the White trees be form over providing program This bringing will integral and maintain the of our We beauty to the Equity cooling five planting City Tree part ambitious the the hire next community.

We development in partnering the economic also drive State are Michigan. to of

Energy Next jobs recently in $X.X that a Our battery billion Michigan to they with bringing announced investment be will new operations. X,XXX

We vehicles. are automotive new the state electric helping with transition to future a

to momentum, final financial our great Given head months all are the of on we about XXXX of this EPS XXXX operating guidance. into as we track positive feel achieve position our and also

Let's turn Slide to X.

With coal are electrification reliable and the These us, grid capital businesses. investments affordable from factors have the we emerging is to customer-focused renewables we are to grid significant need generation. power in we of front shift of we and produce and opportunities change towards future continue transforming technologies. affecting to way investments safe, make our to provide natural our climate build across ensure and Two DTE on the away clean, as track can the We important gas energy.

gas work, continue our important main which utility, at miles target complete we to further we to XXX I'm another year. are this renewal emissions. gas greenhouse on Additionally, reduces say our happy

Finally, that this manage new at focus sharp that. RNG business focus our to decarbonization. on execute we with solution DTE and with achieve for growth Vantage, our continue We customer which customers, to other investment on energy projects ensuring a on to all affordability projects continue and enables to add a

further culture gas cost costs. improvement natural management. renewables to Our helps and continuous The shift from distinctive reduce to also operating drives coal

while to enhances allows helps costs adapt reduce affordability fuel renewable DTE Vantage. customer turn it for growth IRA opportunities energy that, us The future diverse to Dave. maintain Our it as over to at to energy and With this technology advancements. me to let flexibility further and achieving well, mix goals supports transition

Dave Ruud

good Jerry, morning, and Thanks, everyone.

Act transition accelerate while Let the affordability. me on how also energy discuss to start Slide X Inflation DTE's helping clean Reduction customer helps

The economically tax environmental plan. while capture benefit customers cleaner projects investment tax provides Jerry providing transition DDTET our that based nonutility be and this ability will credits affordability of to nuclear allowing more also for credit and carbon a production we that utilities. to improve utilities. our operations. The for solar for goals. which capital of can really utility tax for credits IRA capture the DTE our more sequestration generation economic credits environment. partners, a new market of The making our the generation better to provide need significant production projects projects some affordable acceleration wind additional PTCs and tax we and goals execute elements carbon credits make an make clean baseload our the support are RNG, The both Vantage of help generation to our even grid Jerry to eliminate more that As our working The our the the for and discussed our investment as portfolio. on potential The The for lot achieve benefit equity prepare on transfer business for utility IRA to and electrification. tax for need we more renewable and enhances credit which for XX% storage increased development opportunities attractive, affordability industrial investment we price the has build by maintain and the tax their mentioned, The can and for positive credits customers support with to enables helps our energy businesses. IRA for nonutility retain both our our attractive RNG us support allows projects. us future customer at

view current from our corporate carryforward tax supportive the Lastly, we accelerated cash minimum IRA the and for tax or of given in Overall, affordability. impact cleaner beneficial don't energy maintaining we see customers the transition income depreciation to as provision a while IRA. material position and the

results. earnings million. to for This per the Let's quarter third into share. financial turn to translates quarter $XXX Operating our Slide $X.XX X review were

the reported find quarter. You can higher breakdown at for page start in our offset year. earnings that partially amortization $XXX in review higher detailed implemented base cooler by including driven was reconciliation out lower segment, costs EPS the Electric last in top appendix. third weather. This to DTE by O&M $XX deferred the filings the the cases were of us to with I'll over was quarter keep three along this year, delay XXXX and of million rate last rate rate with our our than accelerated earnings by were These GAAP the case costs a utilities. of million tax to years,

rates to partially rate on was offset Gas, DTE $X base higher third higher the earnings The than the Moving operating million year. by earnings quarter of implementation due costs. base to were variance last

offset by REF earnings services. the Let's quarter the $XX last earnings on the the industrial move sunset end from third the were decrease year of to due $XX This DTE to at row. partially third from a XXXX, Vantage of business is million Operating energy higher million.

earnings can due mainly $XX from power had next a decrease Trading XXXX, to of year. last performance the see of compared the On to the you row, third of million portfolio quarter Energy the

reversal physical quarter our mentioned positions the as full are I to million, Trading and strategic gas to the $XX to long $XX our timing track of earnings As is this transacted there on call, continue were quarter. we are quarter. on in of million. year physical portfolio achieve may also This guidance reversal positions fourth second million $XX Energy favorability in used the Year-to-date, support

true-up the timing million $XX that XXXX and of Other last we in in third due Finally, onetime quarter-over-quarter, Corporate taxes the primarily was quarter a favorable tax year. & call is to mentioned which

reduce the of taken the sheet Regarding down and conversion. converts are with already equity this with November Other, remarking the the from will debt paydown billion Corporate quarter costs. remarketed in for to parent senior these coming we've examples due debt and measures good interest of of & successfully early of pay equity proceeds associated the notes convertible The the $X.XX the balance note

we pressures the DTE Our that planning our offset confident to inflationary rising long-term Overall, we increased growth. rates, $X.XX per with third process in impact quarter. share contemplated will no are earned and and interest costs

Let a $X In growth me strong operating operational per EPS and midpoint. to three wrap from our our up and X% on over share, which X, provides year, original on having through we'll we're then midpoint your questions. guidance we're achieve track take quarters, and of guidance financial summary, XXXX Slide

on of IRP our look mentioned, We supports at for in in affordability focusing you early lay As grow filing which our forward continue energy electric and and support the affordability long out grid cleaner be we'll to our term. to modernization to will the November, reliability. plan near while and believe the our positions DTE EEI. customers and to IRA seeing We Jerry

outlook the can the open We XXXX line for details five-year our of lay as joining thank our IRP. and questions. I early for With the plan we and you out that, we today, will incorporate us

Operator

[Operator Credit Suisse. Nick from go Instructions] Our Campanella first question ahead. comes from Please

Your is line open.

Nicholas Campanella

my taking here. for Thanks questions Hi, team. good morning

I incremental you to IRP. wanted and any can coming should see a especially there? funding, we out opportunity potentially this. about how ask about of today, common we when meaningful Just any CapEx soon, equity funding on kind CapEx the of but it's know think And five-year kind of base plan think of the to thoughts pending kind

Jerry Norcia

Dave, do take to you want that?

Dave Ruud

Sure yes.

- agencies good and opportunity with we're give EEI. are guidance as our sheet, have to balance with invest We capital. at are going to we strong we're But where and Nick, you're the plans in a position. IRP rating more IRA you a We capital the our right, some mentioned, comfortable additional do on at have

equity we that have have before we these capital our to with too. structure support there a flexibility we So investments additional little use can

we'll additional us more capital what see think get opportunity IRP I at So But we and do. to detail some the allowed the due to do right, you're IRA EEI.

Nicholas Campanella

order but I just - as Got then it ALJ electric it, an or order, rec. you guess rate to relates not And thanks. got the

some I exceptions think you filed as well.

giving do of of fruition? - you feel the Thanks. comes if after my is when still see of in this coming kind you when that kind that give outlook? proceeding And do understanding to you'd comfortable outlook Just kind

Jerry Norcia

comfortable feel where ALJ headed we're positions. staff and Yes, we positions with in multi

that plan. components are of various supportive our of think you quite If

grid make the view supportive of as there's strong in certainly, the alignment a as plan. generation. investments we well to long-term as clean So our And it

as strong alignment there well. So there's

Nicholas Campanella

thanks so EEI, All much.

Jerry Norcia

Thank you.

Dave Ruud

Thanks.

Operator

comes Our go Please question next Shar Pourreza ahead. from from Partners. Guggenheim

Your open. line is

Shar Pourreza

Hi morning. guys good

Jerry Norcia

Hi Shar.

Dave Ruud

morning, Good Shar.

Shar Pourreza

And prior how been lower benefits clearly that we've kind of But what your see So of I the so calculus a equity and do then discussed we've Jerry, tax avoid the enactment, renewable just thoughts, an opportunity there's prior and just about trigger right? we've you to embedded there? any some where your and got to impacted starting of spending time, planning I any guess, I increase obviously, before IRP a in in for the a off we revision bit rate and remind versus sense IRA IRP, has does could that have slides? of IRA Did base? cost. to customer guess, the mean, the change, this talking equity that tax sort sort around inputs with Because us,

Jerry Norcia

question. Great

a well IRA storage us lowered had the two for carbon as from perspectives. So IRP improved very as positive on our in the our outlook impact our capture of all transition. which the One, benefit positive very IRP renewables cost in affordability, it and investments of long-term, allowed so accelerate to to certainly

and and And from tax when positive the course, what wind are, And out per IRA. next that on solar we week the credits see so, very hour impact think I nuclear. know that PTCs you'll $XX roll on of megawatt you so

to going impact have beneficial are those plan. of a to our All

tax the which also the we need tax IRA equity, and investment removes longer making in an tax In but simplifies transferable, our terms equity structure, provisions with credits partner. IRA, no of plan, that significantly

have invest we now So our renewables in very the positive build-out overall. impact opportunity greater amounts so to

Shar Pourreza

high target are the DTE IRA. thinking But I it, for even or put sounds really And mean terms as constructive it for ever internal whether you your under guys conversely, there's regulated obviously Vantage thoughts then growth, you paid post of like mix make accelerates perfect. IRA even assets. we're kind debates since potentially you Got on even IRA simultaneously, just change Vantage's guys the been utility on And a RNG segment more it Did Vantage review? exposure? - some about sense of does in strategic business premiums would

Jerry Norcia

investment that of the our for made tax of the nonutility much more looking looking But were economic, XX%, And then it IRA, helps of of at. projects we're just projects the is more that way be be got also The will at lifted RNG will the - the the tax that XX% projects our investment become right significantly business even in at Shar, Vantage the of now, cogen XX% IRRs looking are portfolio. pipeline many we we've that economic. we credit credit

we're excited that. about So

we opportunities create much have continue explore which to carbon XX% but be become looking some in assets. it interesting Vantage, our advantage which be not that that one electric only storage and we're The to capture So that carbon will and arena think economic. as to well, to we've storage, capture is also and create beneficial it relates more has as last about and beneficial utility will generation just as to small to started our

So we're way. a that really in starting to deeper business understand

IRA as I had utility the positive. well the in to more segments. electric business overall, from quite say impact our our opportunity creating impact again, thinking on terms IRA, would it as as So This has Vantage Vantage both of in in was relates significant

Shar Pourreza

you guys thanks family, see addition And latest terrific, your it, at on Got soon side on congrats, comment, the guys. to Jerry a EEI.

Jerry Norcia

you. thank Well

Dave Ruud

Shar. you, Thank

Operator

question Jeremy JPMorgan. Tonet from ahead. Our Please from go next comes

open. is line Your

Jeremy Tonet

good Hi morning.

Jerry Norcia

Jeremy. morning Good

Dave Ruud

Jeremy. Hi

Jeremy Tonet

wanted on if a on could, the what be landscape, off valuation I to paid quite looks [Antero] start and the given sales morning, there. just robust here surface the RNG Good to

your Just on and RNG any thoughts that wondering, that impacts your whether strategy? from side transaction go-forward

Dave Ruud

for think Yes, the it at hi the for see I potential the portfolio, and Dave. is - looking really options. see our considering we Antero this RNG RNG. sale, said, others really we're value as Jeremy, We growth that did It's always highlights and

just confident gives long-term to will pipeline. doing continue really we're now, our value But we're Right to more business what's our sure of also make best that for potential make us find development And us in shareholders. we're the to so this going look high-growth confidence projects. that

really continue projects grow to that find continue for We us. and to accretive

Jeremy Tonet

Got it.

return with projects? this strong you projects rate. drive So there even hurdle guess, level, of the There's your in new competition space on and too not rates see valuations, expected these I to much of clearing interest down out still

Dave Ruud

are We have in some now. projects pipeline really good that our right

conversions - more are some of some these and attractive. the of and them become with Some even IRA,

see Vantage So pipeline a the strong have really we business. we development that in business still

Jerry Norcia

our got long-term bring stocked the will years, projects at business projects to look pipeline, a high-return RNG that with And Yes - we've a we're industrial few pursuing Vantage in as look value few well also cogen the value projects, is we out space. development unit. that business -

So feels pipeline in the high-quality very growth like to terms strong us is with of investments.

Jeremy Tonet

Got I'll it, helpful. that's thanks. there, it leave

Operator

from Arcaro Our go ahead. comes Stanley. next Morgan from question David Please

is open. line Your

David Arcaro

taking for so question. thanks morning, much Good my

Jerry Norcia

morning. Good

David Arcaro

I wondering audit come if this policies or potential kicked you in to related should what anything of penalties out wondering that? recently could outages on the was that a you like think terms off give safety. perspective and they or of I'm commission's

Jerry Norcia

Sure, Ultimately, the result order, And be say that agenda. of the a I it order the at look to it as relates even the would this I relationship our so as create to investment discussions is stronger Commission collaborative. continue we in alignment will really Commission with our is place. think good

Just average, feel availability to XX.X% a our grid. system, about give availability. you XX.XX% on the is of Best-in-class at it, for operates

you our can XX.XX% really to when to pointed to this how And a plans power reliable of comes that get our that availability our grid. providing we see do So highly at is are for it investment customers. all industry

create our lay XX.XX%, customers to all from process, good be come a stronger and that So value a conclusion. and to will I to alignment. to it with Commission be out, I it of good this that feel a will we'll - XX.X% believe even process go lot And will and the will there's start it for

David Arcaro

investments? Or CapEx improvement Got out? how it. operational Thanks. like And more sound could does play or changes that that

Jerry Norcia

to circuits, as rebuilt and plan and them, planning require look to going when new and investment. circuits systems a replaced be in our modernize of got think at our automated. see circuitry, upgrade we and at roll as we've capital we new amount you'll our And those modernized I I that EEI. significant need Well, that it's And out

addition it capital We accelerate in capital-driven continue maintenance will this grid our capital. to But in primarily investing that a we're strategic to a be process.

David Arcaro

makes it. - the earnings what thinking of given results you've could you able expense forward just kind of And have you just the pull sense. into What on of able into And strong so into year. if for I pull Got set been Can level you to guidance? was or far been whether comment year wondering might you rest XXXX more the to expenses far? up are you as XXXX here, so just results? the for XXXX That

Dave Ruud

Yes.

We XXXX. and And as few balance 'XX the over what try our all portfolio businesses. have strong 'XX our had years, do a can look year do we across we in in at to we

So been opportunity to able have as strong XXXX we as this find through to has because a seen, year, some we help us. for year you've 'XX nice been too, go

David Arcaro

Okay, thanks. the color. Appreciate

Operator

from comes next Sachs. from go Kim Insoo Our question Please Goldman ahead.

open. Your line is

Insoo Kim

you. Thank

I think one me just for remaining.

netting inflation net think still the basis, or company as positives of holding overall factors I you would consider? of a refinancing, items? positive? Just leverage, give cost guess on the as will on a at growth guys see what out And developments I the it's type Thanks. those offsetting we whether update should of maybe I do the you of about EEI basis, you lot a here mentioned, we especially that long-term that rate, that guess think some are

Jerry Norcia

Dave fleet reliable But and view positive. our of on cleaner, generation basis the our net as and And for in to transform I'll opportunity grid increased to reliability into. significant I'll customers overall, investment our fleet it be our will a drive that a turn We also, to start, more a to grid invest will ability really and behalf be to of us. the the the significant opportunity, of resiliency IRP. over

as to opportunity for create all operating also our So our well. a but that of very to at this investors costs for deliver we investments power how opportunity against significant many areas is invest in going pointed this. of are will And reduce transformative and create customers, produce investment a power our

our for be ultimately be net would our transformation positive a generation to customers. customers. to So grid Investing will our net in example, our positive a

this So company. DTE undertaking we're And for historic pretty electric excited. transformation our at really that we're

Insoo Kim

look Got to I'll one more. it. in Maybe

you base, we we updated out guess, forward? contemplating I give Thanks. think plan As roll is coming about your that year EEI, what the at should the EPS or growth be when

Dave Ruud

forward, our back go Yes, we guidance. to roll do always original we

XXXX So this be guidance. on original will

Insoo Kim

Got it. Thank you so much.

Operator

Our comes of from next America. ahead. Paul from Zimbardo Bank question Please go

open. is line Your

Paul Zimbardo

thank and you. morning good Hi,

Dave Ruud

Good morning.

Paul Zimbardo

about Just wanted follow on made rates. a you up to comment interest

said heard so right, contemplated growth. higher if plan, long-term the you impact on You in no rates I

dampen is that you it you elsewhere to are assume plan up it rates and Just fully costs offsets, that kind offset? Or clarify, the to and whether other here? of impact have is that

Dave Ruud

we a we opportunities plan look have look a at every of We the at lot tendency in plan, week that risk to and and look at our conservatively, and challenges.

that or rates confident those offset our of with how So irregardless we move, other we are depending move, to able rates be plan. will how things regardless within

Paul Zimbardo

demand has Okay. then discuss of eventful know how very broadly, And voluntary renewables throughout you I been XXXX? year. a Great. on kind been it's could

You kind this large incremental using on contemplating? And that you're could from partnerships summer. of discuss announcement a model Ford automaker you that had if solar

Jerry Norcia

point program. fact, - XXX or an this in for matter Well, the voluntary for as long-term us we it's our now agreement time. of year been commitments. this our executed megawatts an is week, Actually, we of megawatts would well of X,XXX executing renewables where a to sold, extraordinary in takes another total above process be at a which sales of at This expectations

EEI success So as this do our we'll impacting plan. at the long-term provide how to and an we progress see update

extraordinary So we'll been But on story. update you that. it's an success

Paul Zimbardo

you think in can you've XXXX? the Do of to and on super And you XXXX up had Great. kind that Okay. success follow replicate quickly.

Jerry Norcia

and bring pipeline we'll opportunity of will the then front as look also transformation The new fleet. at that got we've in continue is that renewables opportunities significant program. grow to generation Well, we of to our And us. strong, fleet,

going forward here our a be will renewables at big agenda part of DTE. So

Paul Zimbardo

you very Thank much. Great. Okay.

Operator

Michael Research. Please next from ahead. comes question go Wolfe from Our Sullivan

line is Your open.

Michael Sullivan

Good morning. there. Hi

Jerry Norcia

morning. Good

Michael Sullivan

actually you. is Jerry. Dave, one this Hi for

Just for following the tax kind let AMT of result you on you're impact. end what there? repairs the know assuming your on just us Can deduction

Dave Ruud

Yes. Thanks, now, we're at Michael. it looking written. Yes, as right

we that favorable impact is on from way we the our that, that it plan. EEI the treatment or we've get the the to apply cash and under this to like see We is included mitigate storm don't to think know we or doesn't AMT. this does for have we advocating going also. benefit a So do already can that with repairs big things written, that the any it's cash Even and would modeled that have But from part. AMT income most impact income

Michael Sullivan

Okay. you That's thresholds with Can and the refresh debt mentioned credit think where on what cushion on you're And that, sticking some are? super helpful. at versus us metrics. you FFO then I just just to

Dave Ruud

Yes.

a right now, For to debt. different But around - agencies. XX% little we're it's FFO the across

agencies You range. XX% XX% can see the thresholds by are to rating in the

there we have levels. those to cushion some So do

Michael Sullivan

lot. a Thanks Great.

Operator

ahead. from comes go Miller Morningstar. question from Our next Please Travis

line Your open. is

Travis Miller

Good Thank you. morning.

Jerry Norcia

morning, Good Travis.

Travis Miller

essentially out such know With on of detail respect in into be to the in Or own to forecast, IRP? would IRA, able the the come? was but there it it's full your to is included impact that be that I you'd incorporated IRP? XXX% more incorporate the enough IRA

Jerry Norcia

to it is, that? any you add is thoughts It do incorporated. to Dave, want

Dave Ruud

for model we - how into to it we out plan, goes like generation, our as how our still be we they get you decided in as can the see all But the how at going it IRP can happen high we'll that. and level details be year. know. - feel - over next the yet to in it the But plays is what's specified the can specifically understanding incorporated the Well, then

Travis Miller

then Michigan that or in just short-term have Okay. Great. And long-term election any quick, either Thanks. impact issues would material a real outlook?

Jerry Norcia

our know that we've what we history, remain compact certainly, is the but that whatever the over by administrations. worked Democrats support administrations, we'll in more that feels Democrat-dominated feel after our and productive strong well in election see that. and results, happens Republican-dominated there's have today structure. day. is But exists our of we agenda We'll what Republicans what clear and it the intact But likely purpose agenda with and like of political November, relationships Well, for terms will administrations various understanding investment the

Travis Miller

Great. Okay. Appreciate it.

Jerry Norcia

you. Thank

Operator

Anthony question next comes from Crowdell Mizuho. from go Our Please ahead.

is Your open. line

Anthony Crowdell

Jerry, morning. quarter. a on Congrats good Dave, good

Jerry Norcia

Good morning, Anthony.

Dave Ruud

Good morning, Anthony.

Anthony Crowdell

hold to understand one an quick make filing to one, answer the the until actual I appreciate just if to correctly, IRP. have I filing. lot consensus But a the I you and building there's want if just prior you of

accurate? Just issue for looking some others? any more topic got particular Is or debt. feedback you've that that than inside still And

Jerry Norcia

of would extensive say, more throughout Anthony, I we've an Well, we did amount done. stakeholder engagement ever I this believe process, than

strong will been I be when would evident with IRP, to valuable very IRP. regulators we us. was so that's our say, when saw certainly the alignment And And our revealing legislators, quite stakeholders, file us most - but customer I we was for broad other tested that with support. And would opinions across engagement and say, demographics what we

details, and IRP strong the confident fleet. up have we're that - that I'm details, really we we'll to all to of Of through those into as have pretty opinions, work of end a that some will stakeholders and course, get our I'm out supports but generation sure different a going transformation with fundamental work transformation

Anthony Crowdell

That's Great. had. I all

to guys Hollywood. forward down you seeing in Looking

Jerry Norcia

Anthony. See you, u Thank soon.

Operator

Please from Citi. from ahead. question go Our Levine next Ryan comes

open. line Your is

Ryan Levine

morning. Good

Jerry Norcia

Good morning, Ryan.

Ryan Levine

Good morning.

outlook? portfolio Given your on are your accelerate and these RNG to growth your projects the the for and tax higher IRRs, incentives constraints comments in are what for

Jerry Norcia

you IRRs very see our that deployment, capital and contributions constraint with projects. EPS. will, at in juicy the That invest if portfolio earnings terms see so of of do IRRs, same efficient greater to get and is enterprise higher is I we'll sort EPS. XX% less would the say of capital keeping I overall high means But as more we what

Ryan Levine

large your changes evolve strategy hedging you LCFS these given with prices, then to projects? to looking the Okay. And are

Jerry Norcia

sort well We've financial as strong against would hedging combination we've had pretty build what federal as LCFS long-term and priced. that helping sales, as well positions may a program contingency fluctuations price that these remain to might any plan sales, get, price a any of fixed balance we got as we That's of into some products. hedges with that place we sales are that our also open. I of And accommodate call how to

Ryan Levine

that portfolio So around to of a assets, stated somebody else. this you XX% that As may your as the view given portfolio? growth for long-term of or do DTE constraint these your be holder higher prospects suggests your contribution constraint

Jerry Norcia

we're been been a at, presents Well, at value itself and DTE. and we've the I ourselves incremental and saw think see, that. more space, in in businesses. since we're Xx we reinvented we've to get value this long And to our for harvest opportunity We've building at these got that if very that opportunity we track always doing an Xx record time. for of we're successful look than open businesses. harvest that. And itself and nonutility investors, I've create time presents And up the looking in always all And the at to

Ryan Levine

Appreciate you. the color. Thank

Jerry Norcia

Thank you.

Operator

would for to Jerry turn call no We closing Norcia over I further back have like to remarks. questions. the

Jerry Norcia

well for of about very healthy quarter, couple by a many everyone, has future we're you, and joining Have position safe. a saying I'll DTE EEI the that stay and to today. the close successful feeling look thank third for of at great seeing great forward morning, weeks. us year, as Well, years. as remainder our stay I'll in of had you a

Operator

your for conference gentlemen, Thank this you participation. and today's Ladies call. concludes

You disconnect. may now

DTE Energy (DTE) 27 Oct 222022 Q3 Earnings call transcript