The company?s full-year 2023 results were primarily affected by mild weather conditions and storm activity at its electric utility subsidiary DTE Electric (DTEE), which it offset with one-time expense reductions and a stronger performance in its energy trading business and other investments. In addition, DTE's five-year consolidated capital expenditure (capex) plan remains consistent with its recent guidance of $25 billion, the vast majority of which we expect will be spent at DTEE. Overall, while we expect the company will continue to generate a discretionary cash deficit, our base-case scenario assumes its funds from operations (FFO) to debt will remain in the 15%-16% range from 2024 onward, primarily due to DTEE's recently approved constructive electric rate case outcome, steady cash flow
