We have from, the difference between what you see at the utilities for the 5% to 7% is is due to some of the equity coming in, but we are very confident in the 5% to 7% growth going forward. Is that, are you just referring to the $15 million a year origination pathway that you've talked about or is that something more significant you may be alluding to that. And, then I guess still on the clean energy, on the voluntary renewables, initially you guys had talked about a 1.4 gigawatt target by 2030. Well, that's what we see now, David, as you know, being able to grow in the sectors that we described, which is really two RNG and cogen, and we're still seeing good opportunities there. So, you can imagine how important this decision is to our team and me. Can you first, can you comment on sort of that forward growth expectations post the spin of 5% to 7% consolidated versus a 7% to 8% Electric and 9% for gas. Well there are no tax consequences. But first, let's move to our third quarter financial results in slide 21. We recognize that this becomes not long after our significant acquisition of assets in the Haynesville basin. Bob Skaggs would like to say a few words. View the "10 Rock-Solid Dividend Paying Stocks to Own". © American Consumer News, LLC dba MarketBeat® 2010-2020. The pandemic revealed some significant opportunities for us from a cost structure perspective by both our utilities and as I had mentioned in earlier calls, we had this $2 billion sitting on the sidelines looking to get in, but we needed to create affordability room. I'll close by saying we had a very solid quarter, and are well positioned for a strong finish to 2020, and really great start the 2021. Through 2019 while business mix discussions were still ongoing, we continue to pursue an aggressive value creation agenda for midstream, which yielded the Haynesville acquisition. Yeah, we will remain about where we are at our payout ratio, which is right around in that 60% range, which is kind of consistent with the best pure-play peers, and then dividend growth that's going to be consistent with our earnings growth going forward. When we switch over and look at the enterrpise to sales, we see a ratio of 3.31, with the company’s debt to enterprise value settled at 0.42. The stock has a fifty day simple moving average of $117.48 and a 200 day simple moving average of $111.26. Currently it is mid 2020-2024 and this would be, as you know, this is a tax-free spin, we don't expect that to influence that, but we'll get back to you for sure on that. Over the last 50 days, in opposition, the stock is trading +8.66% upper at present. Looking for new stock ideas? I will start the review at the top of the page with our utilities. The final question we have time for today comes from Ryan Levine from Citi. The company’s stock price... New Residential Investment Corp. (NYSE:NRZ) went up by 2.57% from its latest closing price compared to the recent 1-year high of $17.66. Then we will provide you an update on our 2020 results, which continue to be very strong giving us confidence to increase operating EPS guidance for the year. And, just want to see it sounds like contracts really underpin that growth and with over 90% demand contracts, it seems like that's pretty unique in the midstream [Technical Issues] just one confirmation in line with earnings [Technical Issues] It sounds like it does. That's the question. Let me just say that I'm excited about the opportunity this transaction provides. Understood. Jonathan. Please go ahead. Is that--that kind of explained by some dilution from equity issuances, especially in light of the higher capex outlook? Please go ahead. So you're correct. You have entered an incorrect email address! Sure. These companies also have low payout ratios (below 75%), meaning that they will have the ability to continue to pay their dividend if their earnings have a temporary dip. So, could you just commented on any involvement, they might have had with this or how to characterize that. Our next question comes from Andrew Weisel from Scotia Bank. Our midstream company is going to be well capitalized when we compared to it's peers and they have strong dividend growth. As we have highlighted, midstream's assets are located in the most attractive dry gas basins are [Phonetic] Marcetica and the Haynesville and are connected to key demand centers, which provide a great opportunity to continued DTE's history of success. DTE's EPS growth rate has been among the best in the industry over the past decade, and is maintaining its long-term 5% to 7% growth target. Please go ahead. We expect the entities to pay combined dividends higher than the current dividend with an 8% to 10% post-spin increase from '21 to '22 versus 6% we had planned pre-spin. We've also had favorability from warm summer weather. But as you move, I guess, beyond 2022, should we expect any material equity or is it going to be something that's just going to be more sort of a $100 million or $150 million [Indecipherable]. Your updated filings look like nearly that amount by 2025. We had initial conversations with the agencies yesterday and those are positive and we'll be providing them more detail in the coming months. Well, I don't think we've released our tax basis or said what our tax basis is in DTE Midstream. So Thanks, Jeremy for the question. Most of you are familiar with David who is well respected in the industry. So, we feel really positive about this new company and it's going to provide an investment vehicle for some of the midstream investors that really doesn't exist in the sector today. Okay, perfect. I was going to say Shar, in addition to that, we're not seeing any incremental equity needs as part of the spin. Yeah, why you spent? This program enables customers to invest in renewable energy and drive Michigan to a cleaner energy future. So, very modest maintenance capital required after the foreseeable future, and that will be a very small number especially as you compare this midstream company with some of the other midstream companies that have more mature, larger networks that they're having to maintain. And, then maybe just one quick one on 2021 guidance. With initial balance sheet target of four times of debt to EBITDA and two times dividend coverage ratio, our balance sheet will support the ability to make value accretive investments and pay a competitive dividend. All of the organic opportunities that we are pursuing continue to play out. Get daily stock ideas top-performing Wall Street analysts. Please go ahead. The spin is expected to unlock the full potential of our premier regulated utilities and premium natural gas midstream assets, align DTE's business mix with investor preferences and overall market trends and create two entities, each with experience leadership and proven track records. How of your conversations kind of gone for maybe the second half of 2020 if you've even went out that long, because it seems that clearly over the next 5 years, you've had a big pull forward, just if you could maybe give us a little bit more color on how the whole decade is kind of shaping out a little bit there. With that, and thank you for joining us today and we can open up the line for questions. How do you think about just the sort of base capital needs to keep the business running flat on EBITDA. And in the end, after the evaluation of various alternatives, we determined that a strategic spin of the midstream business was the best way to create value. And, we think it's going to be a very attractive investment for the stream investors and also current investors in DTE. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting.

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