North America Utilities Weekly: DTE IRP Lands with Minimal Surprise; Regulatory Risk Ranker; EEI Schedule; News Flow; Comps; Utilities Lag

Sentiment check: See AEE and ETR as winners despite a depressed group, with rates viewed as a headwind (10YR treasuries at 5.2%). DTE's 2026 IRP reflects well-understood Oracle and Google data center load growth with minimal surprises, outlining 1.4GW of CCGT online in 2031, 8.7GW of renewables and 2.8GW of storage through 2031, and another 700MW CCGT in 2032; potential capex of $3.9bn for the 1.4GW facility and $2.5bn for the 700MW facility, with 2.4GW of load growth and EPS growth at the high end of the 6-8% CAGR range. We refreshed our rate review risk ranker, with OGE, NJR and POR topping the list, followed by SWX and PCG. Utilities (-4.8%) underperformed the S&P 500 (+0.9%) over the past week, with MDU leading and PCG lagging. News flow covered Oracle's force majeure notice on Project Jupiter in NM, Georgia Power and Google's nuclear uprate agreement, Texas halting new data center permits, and DOE's $5.25bn SPARK grid program. We also detail JPM-hosted management meetings at the E