DTE Energy in talks to supply 3 GW of power to Big Tech data centers
U.S. power companies have been inundated with requests since early last year to provide electricity to the energy-intensive data centers needed for the technology industry's rapid artificial intelligence expansion.
The super-sized power demands are pushing power consumption to record highs and prompting utilities to ramp up spending on infrastructure.
"Our intention is to get a deal done by the end of the year, and we are making nice progress," COO Joi Harris said on a company earnings call.
The developers of the data centers in need of the 3 GW of electricity have already secured land and various permits for the facilities. And DTE is in early discussions to potentially supply an additional 4 GW of data center capacity.
To provide power to the businesses, DTE will use its existing infrastructure and construct new battery storage, Harris said. Longer term, new natural gas-fired power generation and other infrastructure will likely be needed to meet data center demand, she added.
DTE missed Wall Street estimates for second-quarter profit on Tuesday, hurt by lower income from its gas and energy trading segment.
However, the company's electric segment - its largest unit by net income - reported earnings of $318 million in the April-to-June quarter, compared to a profit of $279 million a year ago.
The utility reaffirmed full-year 2025 adjusted profit in the range of $7.09 per share to $7.23 per share.
Analysts expect full-year profit to be $7.22 per share, according to data compiled by LSEG.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
7 hours ago
- Straits Times
Turkey, Italy and Libya leaders discuss Mediterranean migration route, cooperation
Sign up now: Get ST's newsletters delivered to your inbox Migrants on a fiberglass boat wait to be assisted by NGO Open Arms rescue boat \"Astral\" in international waters south of Lampedusa, in the Mediterranean Sea, July 24, 2025. REUTERS/Ana Beltran/File Photo ANKARA - The migration route from Libya across the Mediterranean, used by thousands seeking a way to get to Europe, was a top issue at a meeting on Friday between the leaders of Turkey, Italy and Libya in Istanbul, Turkey's presidency said. President Tayyip Erdogan met Italian Prime Minister Giorgia Meloni and Libyan Prime Minister Abdulhamid al-Dbeibah to discuss migration and other potential cooperation areas. "Erdogan pointed to the importance of the cooperation between the three countries against the tests that the Mediterranean basin is facing, including irregular migration flows," the presidency said in a statement. He added that "long-term and sustainable solutions" were needed to stop such migration flows, and that a multilateral coordination was needed to achieve this, it said. Major energy exporter Libya, long split between rival eastern and western factions, is one of the main jumping off points for migrants crossing the Mediterranean from North Africa. Rival regional powers - Russia, Turkey, Egypt and the United Arab Emirates - have also been drawn into its political divisions. NATO member Turkey has militarily and politically supported Libya's Tripoli-based internationally-recognised government. In 2020, it sent military personnel there to train and support its government and later agreed a maritime demarcation accord, which has been disputed by Egypt and Greece. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore In 2022, Ankara and Tripoli also signed a preliminary accord on energy exploration, which Egypt and Greece also oppose. NATO allies Turkey and Italy meanwhile have strong ties, and have pledged to boost cooperation in the defence industry, while also increasing their reciprocal trade. Italy's Leonardo and Turkey's Baykar announced in March that they were setting up a joint venture to produce unmanned aerial vehicles, while Ankara has been inching closer to securing a procurement of 40 Eurofighter Typhoon fighter jets from a consortium that includes Italy. Erdogan's office also said the three leaders agreed to meet to evaluate any decisions taken by their cooperation committees later. REUTERS
Straits Times
7 hours ago
- Straits Times
McLaren's progress faster than Ferrari in Schumacher era -Stella
Sign up now: Get ST's newsletters delivered to your inbox BUDAPEST - McLaren's rate of progress may be faster than Ferrari during their golden era with German Formula One great Michael Schumacher, team boss Andrea Stella said on Friday. The Italian worked at Maranello with seven-times champion Schumacher as an engineer during that period but told reporters at the Hungarian Grand Prix that he had been surprised by McLaren's growth. The Woking-based team won the constructors's title last season and are running away with both championships this year with Australian Oscar Piastri and Britain's Lando Norris fighting for the drivers crown. McLaren have won 10 of 13 races so far and are a mighty 268 points clear of second second-placed Ferrari in the team standings. In 2023 they were fourth overall and in 2022 fifth. "It's always difficult to compare across seasons," said Stella, who joined McLaren from Ferrari in 2015. "In this case, we are comparing across teams, and even myself, I was in a very different role, so my field of view, my perspective was very different. "But if I had to pick a couple of features of the journey that is happening here at McLaren, I would say the rate of progress that we have had in a couple of years is in itself pretty unique. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Asia Asia-Pacific economies welcome new US tariff rates, but concerns over extent of full impact remain Business ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets Asia Indonesia's Mount Lewotobi Laki-laki erupts Singapore Thundery showers expected on most days in first half of August Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore "And possibly the rate of progress itself was even faster than what we experienced at Ferrari in the very competitive times." Schumacher won five titles in a row between 2000-2004, with the last one a particularly dominant season and Ferrari winning 15 of 18 races. Stella said McLaren had set out an ambitious programme when deciding how much effort to put into developing their car this season, with a new engine era coming in 2026 that could shake up the pecking order. "We wanted to try and clear the 'going into race weekends and you never know who's going to win' situation we had last year, and we thought we needed to do a little bit more than the normal development," he said. "We embraced a very aggressive approach to innovation. The MCL39 is a very innovative car." Stella said it had also been upgraded considerably since the start of the season. Piastri and Norris have called the title battle a two-horse race, with the Australian 16 points ahead of his teammate but a massive 81 clear of Red Bull's Max Verstappen in third place, but Stella disagreed. "Definitely not. I only agree with mathematics. So once mathematics tells us that's the case, then I'll change my answer," he said. REUTERS
Straits Times
8 hours ago
- Straits Times
Panama Ports says it will discuss ports sale with Panama government
Sign up now: Get ST's newsletters delivered to your inbox An aerial view shows containers at the Balboa Port, operated by Panama Ports Company, at the Panama Canal, in Panama City, Panama, February 1, 2025. REUTERS/Enea Lebrun/File Photo BEIJING - Panama Ports Company (PPC) said on Friday that it will communicate with the Panama government at an appropriate time in the sale process of two key ports that it operates near the Panama Canal. "We affirm that we believe engagement with the Government of Panama is vital to discuss the way forward for PPC," it said in a statement. Hong Kong-based CK Hutchison holds a 90% stake in PPC, which had a 25-year concession to operate the Balboa and Cristobal ports at both ends of the canal, renewed in 2021. PPC's statement comes after Panama's Comptroller General's office this week filed two suits with the nation's Supreme Court aiming to nullify the contract on the basis that the renewal did not follow required legal steps. REUTERS
