We have a disciplined growth plan that'll provide a 5% to 6% long-term earning growth per share. And when combined with our attractive dividend, provides a 9% to 10% total shareholder return. And all of this is underpinned by one of our key priorities and that's maintaining a strong balance sheet.
Both utilities have robust growth plans. At Detroit Edison, the growth is driven primarily by mandated environmental controls and renewable energy. While at MichCon, the growth is driven by infrastructure investments, including cast iron main replacement work and a program to move gas meters that are currently inside customers' homes to outside customers' homes.
We have a constructive regulatory structure in Michigan, which is supported by a solid legislation that was passed in 2008. And we know it's our responsibility to turn this construct everyday. We utilize our continuous improvement capabilities in everything we do to control cost and we are very focused on minimizing rate increases to our customers in providing our customers with a great level of service they deserve.
We continue to see attractive growth opportunities in our non-utility businesses as well, particularly in the Power & Industrial group and the Gas Storage & Pipelines. And I have some updates that I'll share with you this morning on those businesses.So if you'll turn to Page 6. I'll provide an overview of the quarter. Our operating earnings per share for the second quarter came in at $0.86 compared with $0.65 in the second quarter of last year. Like much of the Midwest, the summer here in Michigan is off to a warmer-than-normal start, and actually we're on a track to possibly one of the warmest summers on record. And that translates into strong earnings at Detroit Edison.As a reminder, Detroit Edison was decoupled for weather during the second quarter of 2011. So if you're looking at quarter-over-quarter, year-over-year analysis, the warm weather last year didn't flow through to the bottom line.Read the rest of this transcript for free on seekingalpha.com
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