Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the DTE Energy Q2 2025 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Matt Krupinski. Please begin.

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 Jerry Norcia, Chairman and CEO; Joi Harris, President and COO; and Dave Ruud, Executive Vice President and CFO. And now I'll turn it over to Jerry to start our call this morning.

Thanks, Matt. Good morning, everyone, and thanks for joining us. I hope everyone is having a healthy and safe year so far. This morning, we will discuss the achievements we've made this year as we continue to deliver for all of our key stakeholders. Joi will provide an update on our business strategy, highlighting the significant improvements we are making to enhance reliability for our customers and the progress we are making on renewable energy investments supporting our path to cleaner generation. Joi will also provide an update on data center opportunities that provide potential upside to the plan. And Dave will provide a financial update and wrap things up before we take your questions. So to start, I'm sure you're all aware that I will be turning over the CEO role to Joi Harris effective September 8 of this year. As I'm sure that you have seen over the last few years, we have been preparing for this structured transition for some time. I have worked with Joi for over 20 years, and I've been watching her to continue to deliver and really overdeliver in every role and challenge that she has taken on at DTE. And particularly in these last couple of years where she has been serving as President and COO, she has just continued to excel in leading our company to be successful in all of our most critical areas. So it has just become obvious to me, to our Board and to our entire company that Joi is ready for this role and ready to lead our company to continued excellence. It has been a real honor to be DTE's CEO for the last 6 years, and I'm extremely proud of what we have accomplished over that time. As Joi transitions to the CEO role,…

Thanks, Jerry, and good morning, everyone. I'll start by saying how grateful and excited I am for this opportunity to serve DTE as its next CEO. In particular, I would like to express my appreciation to Jerry for his mentorship and friendship over the past 20 years. Jerry has been an exceptional leader for DTE, driving the company to success year after year, and I look forward to working with him for a few more years to continue to drive value for DTE. As I take on the role of CEO for DTE Energy, I want to emphasize that our core priorities, long-term vision, and strategic goals remain unchanged. We are committed to building on the strong foundation and momentum we've established over the years and we'll continue to deliver exceptional results for our customers, communities, and investors. Our plan is supported by a highly engaged and dedicated team, one that is deeply committed to achieving best-in-class outcomes across all key priorities. It is this shared focus and collective energy that fuel our continued success. We continue to see strong growth in our utility operations, driven by customer- focused investments aimed at improving reliability and transitioning to cleaner energy. Our solid regulatory framework provides a stable and supportive environment for these infrastructure investments, enabling us to move forward with confidence as we modernize our distribution system and continue our transition to cleaner energy. Beyond our core utility business, we see transparent low-risk growth opportunities at DTE Vantage, providing diversification both in terms of earnings and geographic reach while aligning with our broader strategic objectives. We have a strong project development pipeline in place at DTE Vantage with multiple custom energy solutions projects underway, including a project with Ford Motor Company, which is expected to come online in 2026 and a…

Thanks, Joi, and good morning, everyone. Let me start on Slide 8 to review our second quarter financial results. Operating earnings for the quarter were $283 million. This translates into $1.36 per share. You can find a detailed breakdown of EPS by segment, including our reconciliation to GAAP reported earnings in the appendix. I'll start the review at the top of the page with our utilities. DTE Electric earnings were $318 million for the quarter. Earnings were $39 million higher than the second quarter of 2024. The main drivers of the variance were rate implementation and timing of taxes, partially offset by higher O&M and rate base costs and warmer weather last year. On the timing of taxes, I mentioned this was fairly significant in the first quarter at negative $67 million relative to 2024. This is related to investment tax credits on two solar projects that went into service in the first quarter. This timing was known and built into our plan and reverses during the balance of the year with $37 million reversing in the second quarter. Moving on to DTE Gas. Operating earnings were $6 million, which was $6 million lower than the second quarter of 2024. The earnings variance was driven by higher O&M and rate base costs, partially offset by cooler weather. Let's move to DTE Vantage on the third row. Operating earnings were $31 million for the second quarter of 2025. This is a $17 million increase from 2024, driven by RNG production tax credits and higher custom energy solutions earnings. We remain on track for the full year guidance at DTE Vantage. On the next row, you can see Energy Trading earned $24 million for the quarter. We continue to experience favorability and strong margins in our contracted and hedged physical power portfolio,…

[Operator Instructions] Your first question comes from the line of Nicholas Campanella with Barclays.

Congrats on all the announcements. So I just wanted to confirm, it sounds like line of sight to 3 gigawatts of conversations. There's 4 more gigawatts behind that. Just -- what is the current capacity on the system to absorb that 3 gigawatts? And I guess just what is the kind of tipping point for you to have to pull forward the '26 IRP with more capacity needed? Or said differently, when would you start to have to incur new generation CapEx? How many gigawatts?

Hi, Nick. Thanks for the question. And one of an exciting time that we're talking about load growth. That's really an important piece of discussions we're having internally with data center providers, and those conversations are going quite well. So let me just recap. Early on, we announced 2.1 gigawatts frame agreements, with data center providers. And we're seeing a lot of interest in Michigan because we have excess capacity. So that's drawn data center providers to the state. And of course, we now have the sales and use tax exemption. So that further increases their interest. What we're seeing now is a lot of activation on the part of Hyperscalers. So we've been very conservative about building out our pipeline and allowing people to enter our pipeline, companies to enter our pipeline. They have to have land positions or line of sight to a land position and a pathway to zoning and permitting that's required for them to build. And so based on just recent intensity on the part of Hyperscalers, we're seeing them make pretty nice inroads on securing land positions and making their way to permitting requirements, and they're also garnering the support of the local communities, and that goes a long way in advancing them through our pipeline. So now we see what was colocators kind of moving toward the back of the pipeline and Hyperscalers consuming at least the upper portion of our pipeline and positioning themselves to sign energy service agreements along with storage agreements. And we're exchanging paper right now, and that paper has a little bit of red ink on it, and that's all good progress. So we're in active negotiations with large Hyperscalers, and we're continuing conversations with those colocators. As we understand their load ramps, we're going to use our…

That's really clear. So I guess just to wrap that all up, I mean, thinking about the context of the long-term CAGR, load is a tailwind. It seems like some CapEx and storage is coming into the plan as soon as 2026. You just got the extension of RNG. I know you've had that communication that you're at the high end or above the EPS CAGR in '26 and '27. Just how are you kind of thinking about it beyond that through 2029?

Yes. So where we are right now is, of course, the RNG tax credit give us flexibility in our plan, and it was a really positive move to see that get extended. So that gives us additional flexibility, and it gives us confidence that we can hit that high end. And so as our plan unfolds and we updated -- we're intending to update our plan toward the end of this year and likely in the third quarter call or at EEI, we'll offer up what our plan looks like for CapEx and also our growth rate. But we don't intend to go beyond the 68%. This just gives us confidence that we can hit that higher end.

Your next question comes from the line of David Arcaro with Morgan Stanley.

Congratulations, Jerry. I was wondering maybe on the back of the OBBB, could you just frame any impacts on the renewable plans, any risk that you see from the executive order and continued uncertainty there?

Yes. Thanks, David. And the final bill, the reconciliation bill really supports our 5-year plan. And what we've been able to do is safe harbor our renewable investments through into 2029. And this is all positive news for our customers. Just as a reminder, we have to build these assets. It is required under the law, and we also have a very popular and successful voluntary renewable program. So we're going to build these renewable assets regardless. And what the IRA did is make it more affordable for customers. That said, what we've done based on us just being in a position to activate very quickly, we've been able to safe harbor those investment tax credits for our customers through 2029. Additionally, the battery storage projects will continue to qualify for the investment tax credits through 2036, which is also supportive of our plan and puts us in a really good position with the build-out we intend to do for data centers. Transferability was maintained. So that's another key element that we view as very positive. So we feel really confident in what our plan entails today. And also, we feel really good about where we're sitting with RNG tax credits as well. The added year is an added benefit. And as I mentioned before, that gives us more flexibility and allows us to have more confidence around hitting the high end. In terms of some of the executive orders, the safe harboring we've already done really insulates us from any exposure to FIAC. And so I feel like we've got solid plans in place that remain in place through the duration of our 5-year plan. And we still have a little bit of opportunity because we have to begin construction by the end of this year. So that gives us a little more flexibility. If there's any additional tax credits that we want to secure, we may be able to do that. But all in all, I think the final bill supports our plan, and we've been able to activate to insulate ourselves from any exposure hereafter.

Great. That's really helpful color. And then maybe just to look at earnings performance so far this year. I think, Dave, you had mentioned just how do you -- where do you stand in terms of how much flex you have here to absorb any volatility maybe in weather for the rest of 2025? And where do you stand in terms of now looking ahead to 2026 and pulling forward against some strength in earnings this year?

Yes, David, as we said, we're in a good position right now after the second quarter. I can also say we've had a warm July. And so we are looking for those opportunities where we can't make -- ensure we're going to have a great year in '25, but then look for those investment opportunities that can help us in future years, too. So we're feeling positive on the year and our ability to hit the upper end and continue to help future years.

Your next question comes from the line of Jeremy Tonet with JPMorgan.

This is actually Aidan Kelly on for Jeremy. Just wanted to hone in on the data center front again. Just curious to see if you could offer any like confidence level for the 3 gigawatts of hyperscaler load coming online as well as the 4 gigawatts you kind of outlined in the opening remarks. I know you mentioned some pathways to zoning and permitting and land positions. So it seems like some good visibility there, but just wanted to see how you frame it in terms of a confidence level.

Yes. So our goal is to get at least 1 gigawatt signed before the end of the year, and we're making great progress toward that goal. We're in active discussions. I can tell you that I've had personal interaction with the principals at some of the data center providers. These are Hyperscalers, large companies that are looking to land here in Michigan. And we've got meetings set up yet this week to talk to additional providers. So we're feeling really good about the progress that we're making and the fact that we're exchanging terms, we're getting feedback on what works for them, certainly, and we've got some flexibility to meet their needs. I think we will have a lot more to say on the third quarter call and by the end of the year. But certainly, things are progressing in the right fashion, and we feel really good about the progress and are feeling fairly confident that we'll get something done before the end of the year.

Understood. Understood. That's helpful. I guess just on the storage, just curious for that 1 gigawatt of data center, presumably could be matched with energy storage. Like would that be over like a 1-, 3- or 5-year time frame like at a high level?

Yes. So think about it -- I'll explain it this way. So as the data center load comes on, let's just call it this gigawatt, we'll meet that demand with the excess capacity that we have plus a storage build-out. And you can think about it as one for one. So if we bring on a gigawatt of data center load, we'll have to build a gigawatt of storage. And to do that, we'll use the combination of PPAs and self-build to meet that demand. And so the pricing that we're seeing, just so you have some benchmarks to use, is about $15 a megawatt for self- build and combine the two, both self-build and PPAs will be roughly about $1 billion for every gigawatt that we bring on of storage. And we'll start that construction based on the load ramps, at least that we're seeing now in 2026. So think about it coming online in '27 in increments just based on their load ramps. And that will progress over a couple of years, call it. As we get further into the plan, we get out toward the end of our 5-year plan, the demand grows in such a way, at least as we understand it today, that we'll have to build something more substantial like a combined cycle plant with carbon capture or being carbon capture ready. So that's how we're looking at it today. And as the negotiations materialize and we finalize those load ramps, we'll incorporate all of this into our IRP and the IRP process will determine the optimal generation mix.

Your next question comes from the line of Julien Dumoulin-Smith with Jefferies.

Congrats to both of you again. I really -- it's been a pleasure and more importantly, Joi, I look forward to working with you going forward. Congrats again.

Thank you.

Of course, absolutely. If I can pick it up where you just left it off there because I think it was a nice point. As you think about the totality of the update to come here, right, clearly, I believe the forecast hasn't really reflected the total opportunity in RNG and the extension through '29 per your comments to Nick. And subsequently, per your prior comments here, it seems like the battery storage opportunity seems very much ripe in that same '27 through '29 period. But maybe if I can put a finer point on the last point you said a second ago about the gas opportunity. How do you think about that -- the visibility on that piece here and the IRP and the potential to have that CapEx ramp in that -- those tail end, '27 through '29 period. Just trying to make sure I understand the different puzzle pieces that fit into kind of a third quarter or year-end kind of update here, if you think about it. What are the different CapEx items?

Yes. So a combined cycle plant would be towards the tail end of our 5-year plan and into the next phase of our plan. We would have to go through the significant -- well, the certificate of need process, which is really a part of the IRP in order to bring on a combined cycle plant. As you know, the queues are building. So we're getting ourselves in the queue. We're already in the MISO queue for at least one plant and potentially two, and that's to serve our existing load. We're still intending to retire Monroe at the end of 2032. And so therefore, we've got to get in the queue and we've got to ready ourselves in advance of us filing the IRP. So the timing doesn't exactly match up. All that said, we continue to prepare as if we are going to bring on CCGT at that time and establish the right relationships with EPC contractors and also with turbine providers. So if you want to think about the storage, think about the storage coming into the plan beginning in 2026 in increments and then toward the very tail end of the plan, that would result in us bringing on capital for a combined cycle plan.

Got it. Excellent. And then just to understand the ramp rate here. I mean, obviously, you're talking about a gigawatt of both conveniently incremental load and opportunity to serve. Is there a potential that you kind of accelerate though that incremental? You talked upwards of 7, I think, implied gigawatts of opportunity here. How do you think about the timing of that sort of feathering in? Is that principally at the tail end or beyond the plan? Or is there a potential that you actually are ramping up even more, shall we say, multiple parallel data centers to achieve more than a gigawatt? And is that conceivable given the generation mix and planning cycle you just described?

Well, Julien, let me just say it this way. The negotiations are ongoing. And a point of negotiation is really understanding the low ramp. So we've got early near-term ideas around what that low ramp exactly looks like for at least a few of the Hyperscalers, and we're still continuing those discussions. So serving where we have a short is really early on in the plan is really how we support the load. We bring on the storage to support the load during those periods. But until we get a final deal done, we don't know definitively what those load ramps look like. That's still a point of negotiation. And so I don't want to get too far over our skis and articulate to you that we're going to ramp in a gigawatt this year and a gigawatt next year. I can't say that definitively. What I do know is at least what we're seeing right now across multiple data center providers, we've got at least 1 gigawatt worth of opportunity that we will have to support near term.

I look forward to that update, all right?

To clarify on that, Julien, a little bit, this is Dave. Yes, with the additional storage, it gives us a little more of the excess generation that we've been talking about. So we're able to use that storage to reach some of those capacity positions. And so we do have more than 1 gigawatt of availability as we bring the storage on to support that.

Yes. It's one for one. So a gigawatt of storage gives you essentially makes 1 gigawatt almost 2 gigawatts.

Your next question comes from the line of Andrew Weisel with Scotiabank.

I want to echo the congratulations to both Joi and Jerry. Between the last Jerry, this Jerry and now Joi, your Board clearly likes alliteration. Joi, my first one is more of a philosophical one. It is a financial question, but the company has generally been very conservative. Your DPE reputation is one of underpromising and overdelivering. I think the philosophy serves you well. But my question is, how are you thinking about that philosophy? I think I heard you say that you're not expecting to grow EPS faster than the high end of 6% to 8%. So maybe that sort of answers it. But I'd love to hear how you're thinking about that general attitude. I know you've clearly alluded to an update in a few months, but how do you think about that philosophy?

Yes. I feel like I've learned from the best to make sure that we always deliver for our stakeholders, including our shareholders. And so we want to make sure that we have a high degree of confidence in our plans, and we have the requisite flexibility in those plans to be consistent and deliver consistently for our shareholders. So at this point, I think we've got a solid plan in place, and we're incorporating what we believe is flexibility in that plan so that we continue to deliver right on top of what we promised.

Okay. Very good. Next one, I think we'll get your 10-Q later today, but can you let us know, did you issue any equity during the quarter? And Dave, I think you reiterated the $0 to $100 million per year. How are you thinking about the long-term outlook? I guess the positive side, you've got tax credits from the OBBB, on the maybe negative side from a financing perspective, upside to CapEx how do you think of those as kind of maybe washing out?

Yes, Andrew, we did -- we have a little bit of equity that comes in kind of ratably throughout the year. So there's some of that. But it's within that $0 to $100 million we issue through kind of internal mechanisms. And that $0 to $100 million, that is from '25 to '27 in our expectation in our base plan. And then we did say after '27, we see some incremental equity that would come in even in our base plan, that's $200 million to $300 million more out there in those years. But to your question on if we bring in some additional capital, we would have to look at some additional equity or equity-like products to continue to be at our 15% FFO to debt. But as you know, this is good equity and would be associated with the increased growth that we would see with that as well.

Right. And that's something you'll give more details on in a few months.

Yes, we'll put all that together when we show our new capital plan, we'll define how we're going to finance that as well.

Okay. Great. And during the quarter, was there any activity?

It's just a little bit that comes in ratably from the internal mechanisms we use, but nothing public.

Okay. Very good. And one last one, if I can. During the call, forgive me if I missed it, but I don't think you said anything about wind. There was a lot of focus on solar and storage and gas. How are you thinking about opportunities for wind, whether that would be new build or potentially repowerings?

Yes. We're examining wind. We currently have some wind assets that might be eligible for repowering. But we're -- right now, we're focused on building out solar and that's where we have the greatest opportunity, but we have not closed the door completely on wind assets.

Is there a reason there's such a preference for one over the other?

Just the amount of land that's required based on the land that we have and the receptiveness to wind also is a key driver. Right now, solar -- more communities are more receptive to solar build-outs in their areas. So that's really why we've pivoted to solar for the most part. The economics are a little better as well.

Your next question comes from the line of Sophie Karp with KeyBanc.

Congratulations to Joi and Jerry on a good quarter as well. Can I ask a question on the data center build-out again from a different angle maybe. Is there a way for us to think about how much of a revenue increase is displaced by the addition of data center customers? The industry keeps talking about savings that can be accrued to retail customers. How should we start thinking about that, like every gigawatt of data center additions, x amount of revenue requirement is displaced? Or like is there a good rule of thumb yet given your framework?

Well, I'll put it to you this way. Just based on what we announced previously, the 2.1 gigawatts, I believe that increases the load over that 5-year time horizon by about 40%. So you could think of that as headroom on rate growth for existing customers.

So effectively, we could take that kind of net out the cost of investment that's needed to serve those additions, and that would be cost savings to customers?

Yes. Actually, for the initial that we bring on, there's not much additional capital investment we have to bring on. The storage will be paid for by the data centers. And really, you get the advantage because these data centers operate like a 90% load factor and our system is about a 50% load factor. So it really provides a lot of affordability just by using our base industrial rate provides a lot of affordability for our base customers.

Got it. This is very helpful. And then any color you could share on how the electric rate case is going?

Yes. Sophie, we're still in audit and discovery. And we're getting about the amount of questions that we would anticipate given the size and scale of the case and the fact that we're looking to expand the IRM and grow it to $1 billion over the next couple of years. So the line of questioning is, as you would think, it's all around system reliability and what we've been able to deliver and how our plans align with the Liberty audit, which we feel we're in a really good position to answer those questions and provide compelling testimony. We will hear back from interveners and staff next month. So we'll get staff and intervenor testimony on August 22, and that will be our first indication as to whether or not we're completely aligned with staff or there is still some explanation that's required. And likewise, we'll understand what interveners think of our plan and how we can engage them in discussions to potentially pursue a settlement. But that's where we stand right now. The PFD is expected in December, kind of mid-December, and then we'll get a final order in February.

Your next question comes from the line of Anthony Crowdell with Mizuho Securities.

Congrats to both of you. Just one quick question. I'm wondering, Joi, it's very early in your tenure, but any legislative or regulatory goals or processes you're hoping to accomplish early on in your tenure or that you're putting on your do-list of maybe whether it's a decoupling mechanism or something to the legislature that you're focused on right now?

Yes. Right now, Anthony, we are focused very heavily on the IRM. That has proven. We've used the IRM in the gas business for a number of years now, and that's delivering the value for the customers, and it's also helped keep us out of regulatory proceedings for multiple years. And so our focus is growing the electric IRM, and we've included that in the case. And that's the biggest thing for us right now on the regulatory front. And we think we've laid a good foundation for that and the Liberty audit supports it. So that's where I'm going to focus my attention. And as we see testimony from the staff and interveners, we'll make sure that they understand the benefits of expansion of the IRM going forward.

Great. And then if I could just take another crack maybe an earlier question. You were very clear on the 6% to 8% earnings growth rate, you seem like your intention to stay there. But are you including if you do get some of the large load customers, the data centers, I mean, maybe I'm just splitting hairs here, but is there the ability to rebase higher or something? Or even with the potential that long pipeline you have, are you still to see yourself at the 6% to 8%? And I know that's going really forward, and I know that you haven't -- a lot of it is still nearing formalization of agreement. But just, I guess, how rigid is that 6% to 8% even if you get the 7 gigawatts on?

Yes. So I would say that the 5-year plan that we laid out, we intend to stay in that 6% to 8%. Beyond that, there's a lot that can happen that we've got to reconcile. And it's too early for us to say definitively what we might look like beyond our 5-year plan. So as we have always done, we will look to continue to deliver value for all of our stakeholders and minimize any kind of risk that we see in our plan and use the flexibility to deliver smooth and reliable results going forward.

Yes. Just to add to that, I think Joi hit it head on as we roll out the new plan, I think we'll provide new guidance. We don't want to do this piecemeal. So as all of this comes together and continues to come together, we'll revalue where we're at.

Jerry, glad you stepped up there. We weren't sure if you were just already on the golf course.

I'm here, Anthony. [Technical Difficulty] We lost you.

We lost you. He's keeping us on track, Anthony.

Your next question comes from the line of Paul Fremont with Ladenburg.

And congratulations. I guess, first question, given that we're halfway through the year, can you give us an idea as to whether you would expect additional data center announcement to be a third quarter or a fourth quarter event?

Paul, our intention is to have a deal done by the end of the year. And we're really making nice progress near term. As I mentioned before, we have received feedback from the data center providers on contractual language both in the ESA. And right now, we're really focused on solidifying the storage contract, so we understand the build-out that we'll have to do to support the load. So our intention is to have a really good indicator by the third quarter and finalize -- have a final deal in hand by the end of the year.

And then in terms of Corporate & Other, you're showing sort of $56 million negative change in the quarter. How much of that is the timing of tax that's expected to reverse by the end of the year?

Yes. A lot of that is the timing of taxes. We're on track. That will all reverse. We're on track to meet our full year guidance for that segment through the year.

Okay. So that's like $0.27 just by itself. Okay. And then last question for me. When the treasury guidelines come out later in August, what are you expecting with respect to how they look at the definition of safe harbor?

Yes. So the way that we've been looking at this is the begin construction and safe harbor language has existed in this form in the treasury guidance for over a decade. And we've relied on that for years. So in terms of what we anticipate, we don't necessarily anticipate there being a reversal of those guidelines. But what we've done is insulated ourselves based on our understanding of what it means today. And we made our purchases and secured our safe harbor assets well in advance of the law being promulgated. So we feel good about our position. We started in 2024 and right before the law passed, we were able to safe harbor additional renewable assets at that time.

And then -- excuse me, one last one. When you rebase, if you remain within the 6% to 8%, could any particular year be above sort of the 8% that you're currently at, at the high end?

Like we said already, Paul, I think we'll roll all that up in the fall or at EEI, and we'll give you a better view and what we plan to do. At this point, we're -- everything is based off the guidance -- original 2024 guidance growth rate in our current 5-year plan. So we'll give you a lot more insight on that at EEI or third quarter.

Ladies and gentlemen, there are no further questions. I will now turn the call back over to Jerry Norcia for closing remarks.

Well, thank you, everyone, for joining us today. You can see that DTE is firing on all cylinders. I'm really proud of the accomplishments that the team has made so far this year, especially in the areas of -- we've got this really high levels of employee engagement, as I mentioned, which is our secret sauce. The grid is operating extremely well. And all the investments, as Joi loves to say, is investments are working and they're making a fundamental difference. I also want to congratulate our power plant operators and leaders who really ran through a heat wave here flawlessly. And at Fermi, our nuclear plant specifically, we've been recognized by the industry as one of the best-in-class plants from an operating excellence perspective. And of course, our gas team is knocking it out of the park and weathered a nice colder than normal weather, and that's working well. And financially, we're going to hit our high end of guidance, and we're building favorability, but we're going to use that to extinguish backlogs and prepare ourselves for 2026 and beyond. So I'll just close by saying it's been a true honor to serve you and as DTE's CEO. Joi is an exceptional leader who will continue to execute the DTE strategic plans with excellence. And that's her specialty is operating excellence, and that's what we need. I look forward to staying connected with you in my role as Executive Chairman over the next few years, and DTE is in great hands with Joi, and she'll drive success for this company. So have a great morning, stay healthy and stay safe.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.