2025 results drive new expansion cycle
Alliant Energy closed 2025 with GAAP EPS of $3.14, up from $2.69 in 2024. On a continuing (non-GAAP) basis, earnings per share rose from $3.04 to $3.22, reflecting 6% year-over-year growth.
The company also confirmed its guidance for 2026, projecting continued EPS between $3.36 and $3.46. Performance was supported by higher revenue requirements associated with authorized rate base increases.
A little visible but key fact was the climate impact: climate contributed $11 million to net operating profit in 2025, compared to a negative impact of $51 million in 2024, radically changing the comparative environment.
The strategic figure: 3.63 billion in 2028
The most relevant element of the announcement is not only the profit growth, but the new capital plan. By 2028, investment will reach US$3.63 billion, the peak of the 2026-2029 program.
The projected figures show a clear acceleration: 3.13 billion in 2026, 3.58 billion in 2027, 3.63 billion in 2028 and 3.07 billion in 2029. This is evidence of a sustained expansion strategy beyond the immediate earnings cycle.
The investment leap anticipates more regulated assets in operation, which will fuel future growth in the rate base, the main structural driver of U.S. utility revenues.
Renewables, gas and storage in balance
By category, the plan allocates between $1.06 billion and $1.5 billion annually to renewables and storage between 2026 and 2029. In parallel, Alliant Energy’s investment in gas will peak at $1.52 billion in 2027.
The approach reflects the sectoral balance between reliability and decarbonization. Regulated utilities seek to expand renewable capacity without compromising operational stability in electricity and gas grids.
In addition, Alliant maintains constant investment in distribution infrastructure, reinforcing network resilience in the face of demand growth and progressive electrification.
Data centers and load growth
Alliant Energy management highlighted the growing demand from commercial and industrial customers, including updated agreements with QTS, a major data center operator. This segment is emerging as a key catalyst for incremental load.
The regulated model allows the company to invest capital approved by regulators and recover costs via tariffs over time, ensuring stable returns and financial predictability.
The strategic backdrop is clear: the rise of data centers and industrial electrification is redefining utility capital planning. Alliant Energy is not only improving profits; it is positioning its rate base for a decade of structural expansion.
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