ReElement Technologies stock soars after securing $1.4B government deal
DTE Energy Co. (NYSE:DTE) announced that its board approved the execution of a Primary Supply Agreement and an Energy Storage Agreement between its subsidiary DTE Electric Company and Green Chile Ventures LLC, a wholly owned subsidiary of Oracle Corporation (NYSE:ORCL), according to a press release statement based on a recent SEC filing.
Under the Primary Supply Agreement, DTE Electric will provide approximately 1.4 gigawatts of electric service to a future Oracle data center in southeast Michigan. The agreement’s term extends through February 2045, with options for extension. Electric service is scheduled to ramp up over time, with full delivery expected by December 2027. The agreement includes minimum monthly charges and outlines termination fees in the event of early contract termination.
The Energy Storage Agreement calls for DTE Electric to build and operate about 1.4 gigawatts of energy storage capacity to support the data center’s operations. The facilities will be constructed and operated at the customer’s cost. Each facility will be operated for 15 years, with options to extend the term upon mutual agreement. Oracle, as the parent company, will provide credit support for both agreements.
The agreements are intended to support Oracle’s planned data center in the region. Copies of the agreements are expected to be filed with DTE Energy’s Annual Report on Form 10-K for the year ending December 31, 2025.
This information is based solely on a statement from a press release included in a recent SEC filing.
In other recent news, DTE Energy reported its third-quarter earnings for 2025, surpassing expectations with earnings per share (EPS) of $2.25. This figure exceeded the consensus estimate of $2.11 and was also higher than Scotiabank’s projection of $2.08. The company’s revenue forecast for the quarter was $3.27 billion, which aligned with market predictions. The strong financial performance was attributed to increased earnings from DTE Electric and strategic investments in renewable energy. In addition to these earnings results, Scotiabank made an adjustment to its price target for DTE Energy, lowering it slightly from $147.00 to $146.00, while maintaining a Sector Perform rating. These developments reflect ongoing analysis and adjustments by financial institutions in response to DTE Energy’s performance and market conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.