DTM Sets MIST Commercialization Timeline Based on Customer Demand for 2029.

DTM’s commercialization timeline and “customer need” indicators for MIST on the Midwestern pipeline

1) How DTM defined the commercialization timeline: “customer need” as the gating factor

DTM explicitly framed the commercialization timeline for MIST as being driven by customer demand growth and—critically—its timing, rather than by an internal construction timetable. ¹ Management stated that “customer need is the ultimate driver” and that “the timing of that demand growth is the driver behind the commercialization time line for MIST.” ¹

Within that framework, DTM also characterized the project as early in disclosure for “size and scope,” but still gave a boundary condition for potential early service: the “first phase could be in service as early as end of 2029,” while emphasizing this is “all going to be dictated by what the customer needs are.” ²

DTM further reinforced that the commercialization process is underway through contracting milestones, specifically mentioning binding precedent agreements (described as “going well”). ² In addition, DTM indicated the next milestone after those binding agreements is a binding open season. ³

2) How DTM defined the phasing approach: northbound and southbound expansions

DTM described MIST as phasing into a southerly and northerly type expansion. ¹ This phasing logic was repeated later with more specific directional language: MIST is expected to come “in multiple phases with southbound and northbound expansions.” ³

DTM also contextualized this directional structure by describing Midwestern’s role as the “last mile to the load center” and by emphasizing that the system is a north-south pipe (Chicago to Nashville) with diverse supply path optionality, which supports phased commercialization as different demand pockets and supply sources mature. ⁴

3) What “customer need” indicators management said drive the schedule

Across the excerpts, DTM tied schedule progression to a handful of concrete “customer need” indicators—mostly qualitative, but directly linked to commercialization milestones and demand conditions:

A. Demand growth magnitude and (especially) timing

Management’s central “customer need” indicator was the demand growth trajectory and when it will grow:

• Customer need is the ultimate driver. ¹
• The timing of demand growth drives the commercialization timeline for MIST. ¹
• DTM highlighted the broader environment that “demand is showing up” and that projects begin to “percolate” as supply/demand forces strengthen (a general statement about how customer-driven demand converts into project maturation). ⁵

B. Execution of “binding precedent” customer contracting and progression to binding open season

DTM described the commercialization process in terms of contracting deliverables tied to customer commitment:

• Work is focused on binding precedent agreements, which are “going well.” ²
• DTM said the next milestone is a binding open season. ³

This means the schedule is not just “planned,” but linked to when customers are willing to commit through those contracting steps (i.e., management treats these as operational indicators that customer need is real and sufficiently timed to support phasing). ²³

C. Evidence of “demand pull”/market strength in the area of the asset

Management indicated it is encouraged by what it is seeing in ongoing customer conversations and linked that encouragement to the amount of demand in the area. ² Separately, DTM also described the market environment as one of strong demand pull opportunity, noting that contractual outcomes (e.g., longer-term renewal behavior) reflect what customers believe about the asset’s irreplaceability. ⁶

Concretely, management cited a customer seeking a 25-year renewal as a “strong indication” of how the market is evolving in the MIST/Midwestern-type context (i.e., durable demand/need). ⁶ Management also characterized Midwestern as “not married to one supply pathway,” which improves customer ability to serve their demand when demand manifests—again treating customer requirements (supply flexibility) as part of “need” that supports phasing. ⁷⁴

D. Customer demand outlook supporting commercialization opportunities

DTM stated that it remains encouraged by ongoing customer discussions and the demand outlook supporting MIST and other expansion opportunities. ³ While not quantified in the excerpt, it is a stated indicator that customer expectations about future demand—rather than just current conditions—are what management watches when setting phasing and timing. ³

Bottom line (timeline + phasing + indicators)

• Timeline definition: DTM’s commercialization timeline for MIST is explicitly customer-need driven, with demand growth timing as the governing factor. ¹ Management suggested the first phase could be in service as early as end of 2029, but only if customer needs dictate that outcome. ²
• Phasing approach: DTM expects multiple phases corresponding to southbound and northbound expansions, and it previously characterized this as southerly and northerly phasing. ¹³
• Specific “customer need” indicators management cited:
  1. Timing of demand growth. ¹
  2. Advancement of binding precedent agreements. ²
  3. Progression toward the binding open season. ³
  4. Ongoing customer conversations and demand outlook (management’s stated encouragement factors). ²³
  5. Customer behavior signaling durable need (e.g., a 25-year renewal request cited as evidence of evolving market recognition/irreplaceability). ⁶

These are the specific drivers and observable indicators DTM provided in the excerpts as the basis for MIST’s commercialization schedule and north/south phasing. ¹²³⁶