管理層發言
Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the DTE Energy Second Quarter 2026 Earnings Conference Call. I would now like to turn the call over to Matt Krupinski, Director of Investor Relations. Please go ahead.
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 Joi Harris, President and CEO; and Dave Ruud, CFO. And now I'll turn it over to Joi to start our call this morning.
Thanks, Matt, and good morning, everyone, and thank you for joining us. I'm happy to be with you today. As we move through the year, our team continues to execute at a high level, delivering strong results for our customers, communities and investors. Our performance reflects a highly engaged organization with a clear focus on operational excellence and doing what's right for our customers. I'm extremely proud that our team was recognized by the Gallup organization for the 14th consecutive year with a Great Workplace Award, and our employee engagement ranks in the 94th percentile globally among thousands of organizations. We are continuing to advance our customer-focused capital plan with targeted investments that are strengthening the grid and improving reliability. Importantly, we remain disciplined in how we deploy capital, ensuring that these investments deliver the greatest benefit while maintaining affordability for our customers. I'm sure you are aware, at the start of July, a severe fast-moving storm impacted nearly 400,000 customers. Despite extensive storm forecasting and preparedness efforts, weather models did not anticipate the storm severity and it developed rapidly with little advance warning, causing significant and widespread damage across the service territory, including more than 600 broken poles and substantial damage driven by trees outside of the utility-maintained right of way. With storms impacting much of the Midwest, we brought in crews from as far as Oklahoma and Texas to support restoration efforts. And I'd like to take a moment to express my immense gratitude to those crews, the contractors and our employees across DTE, who stepped up and worked long hours away from their families over the holiday weekend. Given the storm's unexpected severity and widespread damage across the Midwest, our restoration times extended beyond what we would typically target. However, our crews adjusted quickly and executed our restoration plan to support customers as safely and as quickly as possible. Importantly, areas where we have completed substantial reliability investments performed significantly better, reinforcing the value of continued grid investment and operational excellence. While our investments are delivering measurable results, we recognize there is more work to do. After every major storm, we review our performance to identify lessons learned and strengthen preparedness and restoration capabilities and customer communications to ensure we continue to build a stronger, more resilient grid for our customers. Turning to data centers. Momentum remains strong as we continue to execute across our development pipeline. The 1.4 gigawatt Oracle data center remains on track, fully approved and under construction. As we highlighted last quarter, we executed an agreement with Google to serve a 1-gigawatt data center, which provides upside to our current long-term plan. The contract has been submitted to the MPSC and is progressing through the approval process. Beyond these two projects, our pipeline continues to advance with ongoing discussions that position us well for future growth. As these projects move forward, they will deliver meaningful affordability benefits for our existing customers, absorbing a significant portion of fixed system costs. Our regulatory strategy is focused on delivering value while providing clear visibility for customers. We have several filings underway or planned. In addition to the Google data center contract pending approval, we are advancing both electric and gas rate cases to support critical customer-focused investments. We filed our distribution system plan in April, outlining our five-year roadmap to reliability and grid modernization. We also plan to file our next integrated resource plan later this quarter, which will provide a clear path to meet long-term generation and capacity needs. Our year-to-date earnings performance keeps us on track to reach the high end of our operating EPS guidance this year, and we are confident in our long-term operating EPS growth rate target of 6% to 8% through 2030. We continue to see a clear path to achieving the high end of our guidance range each year, driven by RNG tax credits and the flexibility they provide. As we have mentioned, the Google data center project and other data center opportunities provide upside to this plan. Let me move to Slide 5 to highlight our continued commitment to improve reliability for our customers. We remain highly committed to our efforts to improve reliability for our customers. As I mentioned, the July storm highlighted both the value of our reliability investments and the work that remains. During the event, we found that upgraded portions of the system proved more resilient, reinforcing the importance of continued investment and identifying opportunities to further strengthen our response. Let me move through how we are approaching reliability improvement across the system. As you can see from this slide, our strategy is grounded in four core pillars, each focused on reducing outage frequency and duration as well as improving overall performance. First, on technology and innovation. We're continuing to expand automation across the system. In 2025, we installed over 700 automated devices, which was about 20% over plan, and we are planning to deploy more than 500 additional devices in 2026. This work is foundational to fully automating the distribution system by the end of the decade. Second is infrastructure resilience and hardening. We're strengthening the physical system to make it more resilient to everyday wear and increasingly extreme weather. In 2025, we completed over 200 miles of targeted hardening work along with nearly 1,000 miles of pole-top maintenance. We're ramping up this effort with plans to reach roughly 1,700 miles of maintenance work in 2026. Third is infrastructure redesign and modernization, where we're upgrading legacy portions of the grid to improve overall system performance. In 2025, we converted over 70 miles of 4.8 kV circuits to higher voltage and rebuilt more than 20 miles of subtransmission infrastructure. We expect 2026 to represent our highest level of conversion activity yet. The fourth focus is tree trimming. We've completed our surge effort and are now focused on sustaining that progress. We're also piloting enhancements to our approach, including expanded clearing practices and new program options, to further reduce outage risk. Supporting all of these efforts, we plan to invest approximately $11 billion over the next five years, driving continued reliability improvements while maintaining a strong focus on customer affordability. Importantly, we're already seeing meaningful results from this strategy. While the challenging circumstances of the July storm impacted our restoration time, we have seen significant improvement in recent years. From 2023 to 2025, our outage duration improved by 90%, and we achieved our best all-weather SAIDI performance in nearly two decades. Across the prior five storms preceding July, we restored an average of 97% of customers within 24 hours and nearly 100% within 48 hours. The progress we're seeing is the result of sustained targeted investment, combined with improved processes and strong execution by our team. As a result, we are experiencing fewer outages and faster restoration for customers on average, which reinforces that when we invest, it works. I'll move to Slide 6 to provide an update on data center development. We continued to execute on opportunities that support both customer affordability and long-term growth. We have 2.4 gigawatts of executed agreements supported by contracts that are designed to protect existing customers while driving significant growth. The 1.4 gigawatt Oracle agreement is approved and included in our plan and construction is underway. The 1 gigawatt Google agreement is also advancing through the MPSC approval process and represents upside to our current long-term plan. These first two projects demonstrate our ability to successfully attract and serve large customers while structuring agreements in a way that protects existing customers. Importantly, these agreements are expected to provide meaningful affordability benefits for our existing customers and with a constructive outcome in the current rate case could support a potential rate case stay-out until at least 2028. Beyond Oracle and Google, our pipeline remains strong and continues to advance. We currently see 5 to 6 gigawatts of additional opportunities, including roughly 2 gigawatts in advanced discussions with a target of reaching an additional agreement by the end of 2026. We also have another 3 to 4 gigawatts of pipeline opportunities that could develop over time. The large-load tariff we filed earlier this year is moving through the approval process, which is another important step in ensuring future large-load growth is managed in a disciplined way. It includes appropriate protections for existing customers that are similar to those in the Oracle and Google contracts. These opportunities provide a clear path for additional growth while reinforcing our focus on affordability, reliability, and customer protection. As the pipeline advances, we see potential upside to our long-term operating EPS growth target and additional affordability benefits for our existing customers. Let me move to Slide 7 to describe the benefits that data centers provide and discuss our continued commitment to customer affordability. These data center projects bring large, steady load onto the system. These very large load customers absorb a significant portion of the fixed cost, which creates meaningful affordability benefits for existing customers. Once fully ramped, Oracle is expected to provide about $300 million of annual benefits for existing customers, while the Google data center is expected to generate roughly $1.7 billion of benefits over the life of the contract. These benefits strengthen our overall affordability position and build on our strong continuous improvement mindset we've developed across the company. Continuous improvement remains an important part of how we operate every day. It supports our ability to deliver better reliability, improved efficiency and manage customer bills as we continue investing in the system. We continue to execute our investment plan with discipline while staying highly focused on affordability for our customers. As the chart shows, our average annual bill increases over the past five years have remained well below both the national average and the Great Lakes region. Technology continues to be one of the most important tools we have to create customer value. We're using advanced analytics to drive efficiencies across the business, including lowering cost, improving maintenance planning, and strengthening storm response. Delivering customer-focused efficiency through technology remains a priority and is helping us offset cost pressures while improving service for our customers. At the same time, our generation transition continues to support affordability. Moving from coal to natural gas and renewables is helping reduce O&M costs over time. In addition, tax credits available under the Inflation Reduction Act are helping make clean energy investments more affordable for customers while supporting our broader clean energy transition. This focus and commitment to customer affordability continues to be reflected in our customer bills. The typical Michigan residential electric bill represents less than 2% of the median household income, and our residential bills are 17% below the national average. We also continue to support our most vulnerable customers through expanded energy assistance, including millions of dollars of direct assistance and continued support of nonprofit organizations across Michigan. Overall, we remain well positioned to continue our track record of managing affordability while making the investments needed to improve reliability, support growth and serve our customers over the long term. Let's turn to the next slide and walk through our regulatory strategy and the benefits we are delivering to our customers. Our electric rate case supports targeted investments in reliability and grid modernization while maintaining a strong focus on affordability. The filing is primarily driven by our distribution plan aligned with the 2024 audit and focused on reducing outage frequency by 30% and cutting duration in half by 2029. We're requesting nearly $800 million of capital to be included in the IRM by 2030, supporting our most consistent infrastructure spend and reducing the need for more frequent rate cases. As I said earlier, our data center agreements are structured to enhance affordability and protect customers. As these projects ramp, they create an opportunity to extend timing before filing our next rate case while continuing to invest in reliability. Should the Oracle load ramp faster than we have included in the electric rate case, we have proposed a regulatory mechanism to capture any excess margin and flow that benefit back to customers. Provided this regulatory mechanism is approved as filed, we would not expect to file another electric rate case until at least 2028. Looking ahead, our IRP is expected to be filed in the third quarter this year. It will provide clear visibility into how we plan to serve growing demand, including data centers in a transparent and cost-effective manner. Altogether, we are managing a disciplined approach to growth, combining regulatory strategy, structured large load agreements and long-term planning to deliver reliability, affordability and visibility for our customers. So to wrap up, we continue to execute on our plan, making critical infrastructure investments, staying focused on affordability for our customers, delivering high-quality service to the communities we serve and driving continued strong financial performance for our investors. With that, I'll hand it over to Dave. Dave, over to you.
Thanks, Joi. Good morning, everyone. Let me start on Slide 9 to review our second quarter financial results. Operating earnings for the quarter were $274 million. This translates into $1.32 per share. You can find a detailed breakdown of EPS by segment, including a 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 $270 million for the quarter. Earnings were $48 million lower than the second quarter of 2025. The main drivers of the variance were timing of taxes, higher rate base costs and colder weather, partially offset by rate implementation. On the timing of taxes, we experienced a large positive timing variance of $62 million in the second quarter of last year due to the timing of when a renewables project was placed in service. This positive timing variance in Q2 2025 was an offset to a negative tax timing variance in the first quarter of 2025. Starting in 2026, the impact of investment tax credits on renewable projects at DTE Electric will be recognized evenly during the year, reducing quarterly volatility and making the underlying earnings trends easier to see going forward. Moving on to DTE Gas. Operating earnings were $10 million lower than the second quarter of 2025. The earnings variance was driven by higher rate base and O&M costs and warmer weather, partially offset by IRM revenue. Let's move to DTE Vantage on the third row. Operating earnings were $45 million for the second quarter of 2026. This is a $14 million increase from 2025, driven by higher earnings in both the custom energy solutions and RNG platforms. On the next row, you can see Energy Trading earnings were $41 million in the second quarter of 2026. This is $17 million higher than the second quarter of 2025, primarily driven by timing in the power portfolio, including a partial reversal of the timing experienced in the first quarter of this year. We remain highly confident in achieving the high end of the full year guidance range at Energy Trading. Finally, Corporate & Other was favorable $18 million relative to the second quarter of 2025, primarily due to the timing of taxes, which will reverse by end of year, partially offset by higher interest expense. Overall, DTE earned $1.32 per share in the second quarter of 2026, which positions us well to achieve the high end of our guidance range in 2026. Let me move to Slide 10 to discuss our balance sheet and equity issuance plan. We continue to focus on maintaining solid balance sheet metrics. To support the significant increase to our capital investment plan that we need to execute for our customers, we are still targeting annual equity issuances of $500 million to $600 million in 2026 through 2028 with similar levels expected through 2030. We will continue to maximize the use of internal mechanisms, planning to issue up to $100 million internally. For our remaining equity issuances, we are utilizing our equity ATM program to efficiently execute our funding plan. After pricing about $350 million of equity through forward sale agreements in the first quarter, we priced an additional $150 million in the second quarter, effectively fulfilling our equity needs for the year. The new shares won't be issued until we settle the forward sales, which is planned for the fourth quarter. Our five-year plan fully incorporates the equity needs and continues to deliver 6% to 8% operating EPS growth and positions us to be at the high end of our guidance range each year through 2030. Importantly, we remain focused on maintaining our strong investment-grade credit rating and solid balance sheet metrics as we target an FFO to debt ratio of approximately 15%. Let me wrap up on Slide 11, then we'll open the line for questions. DTE continues to deliver strong, consistent results for all stakeholders. Our 2026 guidance range reflects 6% to 8% operating EPS growth off the 2025 guidance midpoint, we are on track to reach the high end of our operating EPS guidance this year. Our five-year plan supports high-quality 6% to 8% long-term operating EPS growth driven by customer-focused utility investment with utility earnings comprising 93% of total earnings by 2030. We are positioned to reach the high end of our guidance range each year, supported by RNG tax credits and the flexibility they provide. The Google contract, along with additional data center opportunities represent further upside to the plan, which will be incorporated following MPSC approval expected in September of this year. Overall, we are well positioned to execute on our plan, enhancing reliability and building a stronger distribution system to reduce outage frequency and duration for our customers. We are doing so with a disciplined focus on affordability, supported by multiple levers to manage customer rates, including the significant benefits driven by data center growth. We remain on track to deliver premium total shareholder returns, supported by a strong balance sheet and disciplined execution of our capital investment plan. With that, I thank you for joining us today, and we can open the line for questions.
分析師問答
Your first question comes from the line of Shar Pourreza with Wells Fargo.
Joi, obviously, you guys reaffirmed targeting an additional agreement by '26 by the end with 2 gigs in sort of advanced discussions. I guess, first, is that 2 gigawatts hyperscalers? And where does that next deal stand today in terms of what's really left to accomplish? Is it commercial agreements or just zoning and permitting, et cetera?
Yes. Thanks for the question, Shar. And yes, we still continue to manage a pretty healthy pipeline. We've got the 2 gigawatts. There are several customers in that mix. We have a combination of hyperscalers and colocators in the mix. As I've mentioned before, the way you advance in the pipeline is you have solid land positions, you either have to have zoning or a path to zoning. We have a combination of hyperscalers and colocators that have a path to zoning or have zoning in place. Right now the commercial discussions are continuing. We are completing additional modeling with those customers to understand their load ramp. They are also working on site plan approval and in some instances working on zoning. So things are moving in the right direction, and we feel confident in our ability to secure another agreement by the end of the year.
Got it. And that, obviously, you've been pretty open about that gets you above the 8%. I guess how should we be thinking about the timing of the guidance update and how you're thinking about messaging around that guide? Is that plus the way to go, so 8% plus, or a step change in the range with the understanding this is an election year and a bit sensitive?
So we have always said that 3 gigawatts gets us above 8%. That will get us above 8%. We now have the 1 gigawatt in place with Google, and that gets us solidly to 8%. The way we think about giving guidance is really not getting ahead of the regulatory process; we've let that play out. We would update our plans accordingly in either Q3 or at EEI. Should we secure another contract before the end of the year, we would likely refresh our plan with the fourth quarter call at that point. Once we have a clear line of sight and we understand we're going to get approval of the contract, that's when we would update our guidance.
Are you more open-ended on how you want to guide, so a plus after the 8% and leave it open for interpretation on the top end? Or would you see a step change in the range?
No, we would leave it at the plus, Shar, as we've discussed previously. We're not changing our position on that.
Your next question comes from the line of Richard Sunderland with Truist Securities.
Turning to the regulatory efforts, I realize still a few weeks to go before staff and intervener testimony in the electric rate case. But given all the attention on data centers and the potential benefits from there, you're proposing in the electric stay-out, how are you thinking about positions there? Any expectations into what may come out in testimony? And how are you thinking about the balance of the case thereafter?
Testimony in the electric rate case will start to appear next month. As we previewed our case with interveners and staff, the stay-out mechanism was viewed very positively. They had to review the case in its totality, but any efforts to keep rates flat is of interest. We look forward to hearing how that's being received in formal testimony. The data centers themselves, we've said all along that data center load growth done right puts downward pressure on rates, and this is another proof point. We see that is something that was viewed favorably pre-filing, and we anticipate that staff and interveners will examine the uncertainties related to Oracle and then the mechanism we established in the case as a way for us to deal with those uncertainties and flow back the benefits to customers over time. Testimony is due on August 3 or 4, and that will give us a clear indication of what we need to rebut or any additional information we need to provide.
Understood. And then sticking with the regulatory front, the IRP filing coming later this quarter. How might we see the load scenarios play out in there relative to the 2 gigawatts in advanced discussions and then 3 to 4 gigawatts of additional pipeline opportunities you've outlined on Slide 6? Do you see the high-end scenario incorporating all of that or any other color you can offer before that?
We anticipate filing our IRP in Q3. In terms of how we're managing data centers in the IRP, the base case will include the two executed contracts we already have. The high end will take into account our full pipeline, and we'll have an intermediate scenario as well. That's how we're shaping the data center load in the IRP.
Your next question comes from the line of Jeremy Tonet with JPMorgan.
This is Diana Niles on the call for Jeremy. As it relates to the data center pipeline and future opportunities, could you speak a bit to conversations on the ground and conversations with local and state stakeholders as it pertains to economic development?
The data centers that we have signed are sizable economic development opportunities for the state. The Oracle deal is the largest in the state's history, and Google is not far behind. We see this as a great opportunity for job growth. These are hundreds of construction jobs. In addition, the tax base benefits that local communities can realize with these types of customers are significant, for example $20-plus million of additional tax benefits for the city of Saline. Van Buren is doubling its tax base with the Google facility in its jurisdiction. Both Van Buren and Saline have signed community benefits packages. We also see that as hyperscalers and colocators land in a particular community, they continue to expand, which drives growth in adjacent industries, such as HVAC companies, electricians, and other supporting industries. This is a strong economic story for Michigan with the potential to be even bigger once we sign an additional agreement.
Got it. And then looking to the Vantage data center opportunity, could you provide the latest on progress and expectations there and any timeline considerations we should keep in mind?
The development agreement we have in place with a large data center developer in a state outside of Michigan continues to progress. This is a behind-the-meter design and is hundreds of megawatts, not a gigawatt facility. The counterparty has run into some permitting challenges on the ground that they're continuing to work through. They also have other locations that we are in conversations about. The equipment is already on order. So the project is going in one location or the other, and we feel good about our relationship and the commercial progress we've made. We look forward to executing the project once the permitting issue is resolved or we have a firm pathway to another location.
Your next question comes from the line of Julien Dumoulin-Smith with Jefferies.
Joi and team, nicely done again. What a great update here. Just a follow-up on the Vantage focus real quickly. With respect to Oracle, there has been more focus on the credit of late and some peer states. Can you talk about the collateral waterfall, credit protections, and any potential updates there? What are the postings as you think about any changes here?
One of the rating agencies, S&P, downgraded Oracle's credit, though it remains investment grade. We don't expect it to have any impact on the completion or timing of the Oracle project, which is already in construction. Our contract includes protections that require additional collateral at various downgrade triggers, which provide protections for our customers and for us. We haven't disclosed the specifics of the agreement at their request, but we remain confident that the protections are there regardless of how this plays out.
So you did get additional postings, though the quantum is not disclosed, and you would get more postings if there are further changes?
Right. Prospectively, we would for further changes. We have protections in the agreement that provide full protection from stranded asset risk for us and for our customers.
To clarify earlier, you are confident about the 2 gigawatts in advanced negotiations. Is that a new hyperscaler or an expansion of an existing arrangement?
There are combinations. We are continuing discussions with Oracle and Google; that's always been our plan. The hyperscalers and colocators in that 2 gigawatts are continuing to make advancements on the ground. Think of it as multiple customers in that 2 gigawatts. Should Google and Oracle come to us with expansions they want to pursue, we would entertain that as well.
Lastly, any comments about legislative reforms or ballot efforts?
Given the divided government and the election underway, it's not likely there will be legislative changes this calendar year. We are using the time to ensure we educate candidates on our performance, bill growth trends, the data centers and the positive affordability impact, and our work to improve reliability and the progress we've made and the work that remains.
Your next question comes from the line of Michael Lonegan with Barclays.
Beyond the 2 gigawatts of data centers in late-stage negotiations, you spoke about the 3 to 4 gigawatts in earlier-stage negotiations. Could you share progress on those and how they've advanced? Do they have potential to add incremental investment within the five-year plan?
The 3 to 4 gigawatts are typically a combination of colocators, some large and some small. The gating item for those entities is they have to have a customer, so many are working to secure a customer. Typically it would be a hyperscaler. They're also working to secure zoning and site plans. As they advance, secure the customer, and secure zoning and site plans, they move up in our pipeline. We are in the process of understanding the initial shape of the load based on their projections for the facility type and location.
And regarding the opportunity to further extend the electric rate pause beyond 2028, what would you need to see? An IRM increase and expansion, Google ramp, another data center, or a combination?
An expansion of the IRM toward close to $1 billion can give you another six months, and any incremental load on top of the Oracle load can add further distance between filings. This will all play out once the Google contract is approved, and we understand staff and commission positions along with interveners' views on the IRM growth we proposed.
Your next question comes from the line of Andrew Weisel with Scotiabank.
First, following up on Oracle and collateral postings: based on how quickly things changed for that counterparty, are you making any changes to your counterparty approach around protections going forward? Or do you feel confident that you've been fully protected?
The way we've structured these contracts and even the large-load tariff that is going through approval provides the protections we need for customers and for the company. The contracts include provisions such as contracted load ramp with minimum monthly charges of 80% of the minimum billing demand, often over a 10-year period or longer, which help ensure we recover invested capital and avoid stranded asset risk. We're comfortable with the contracts we have and with how we're laying out the future provisions.
You changed the wording on the slides: the pipeline total is now 5 to 6 rather than 5. Was that meant to indicate the opportunity is getting bigger, or is it just a change in the math?
It's just a change. It's the same pipeline essentially. People move up and down in the pipeline, but there's been no material change.
You continue to point to the high end of the range for 2026 EPS, but you had some challenges related to mild first-half weather and then the July storm. Can you explain the offsets to those headwinds? Or is it a matter of conservatism when you first set the budget as you typically do?
We remain highly confident we'll reach the high end of full-year guidance. We have incremental rate relief that came in at Electric in March, and then we have an order at Gas in September. Some timing variances will reverse over the remainder of the year at the utilities. Our nonutilities are performing well and we expect that to continue. These elements give us confidence in the full-year guidance.
Your next question comes from the line of Michael Sullivan with Wolfe Research.
I wanted to ask on the Oracle load ramp: how are you feeling on timing there, given that's a main driver to the stay-out and getting that largely ramped next year?
Construction is proceeding as planned. We are getting positive indicators that Oracle and related companies are on track for the fast ramp. We are starting to take deliveries of equipment that will be used to serve them. Our team is active on the ground with the construction team, and everything is moving in the right direction.
Is the Google deal a good template for future agreements in terms of affordability benefits and supply mix, or can these deal terms vary a lot depending on the specific agreement?
Deal specifics can vary depending on the ramp. Typically we see opportunities to add more renewables and battery storage in the near term, and then toward the back end of the plan we would leverage the IRP results to determine the ultimate resources. A dispatchable resource could come in toward the tail end.
Your next question comes from the line of Anthony Crowdell with Mizuho.
As large-load opportunities reach advanced stages and you identify zoning, site plans, permitting, and finding a customer, what's the main bottleneck for larger customers before they move to advanced discussions?
Zoning is the most common gating item. They must get the site zoned before moving toward site plan approval. For colocators, if they have a facility with zoning in place, they can often get customers quickly. It's the zoning that becomes the primary challenge.
Your final question comes from the line of Travis Miller with Morningstar.
On the IRP, aside from the data centers and renewable energy plan, are there any other variables we should watch for relative to what you've been talking about for the last several quarters?
Those are the main items. The IRP will incorporate data center load and the RPS will be part of it as well. We'll include updates to the RPS as part of the filing.
If there are delays in the Vantage project, will that impact 2026 or 2027 earnings?
No, it has no impact on 2026. The equipment is already ordered. We expect deliveries to happen, and the project will go to the original location or an alternative.
That concludes our question-and-answer session. I would now like to turn the call back over to Joi Harris for closing remarks.
All right. Well, thank you, everyone. Thank you all for joining us today. I'll just close by saying we continue to execute in 2026, and we are well positioned to achieve our goals for the year. I'm very excited about our long-term plan and the opportunities ahead, and I look forward to seeing many of you on the road during the rest of the year. Have a great morning, stay safe and stay healthy. We'll talk soon.
Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.