Alliant Energy Corporation

Alliant Energy Corporation is a regulated investor-owned utility holding company that provides electric and natural gas service to approximately 1,010,000 electric and 435,000 natural gas customers in Iowa and Wisconsin through its two primary subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). Headquartered in Madison, Wisconsin, the company generated $4.36 billion in revenue and $810 million in net income in fiscal 2025, and trades on the Nasdaq under the ticker LNT.

This is a story about how one of the most straightforward businesses in America — poles, wires, and a regulated return — intersects with three forces that are anything but straightforward: the largest build-out of generation in the company's history, the uncertain but potentially transformative arrival of hyperscale data center demand across the Midwest, and an interest-rate environment that has made the utility growth model more expensive to execute than at any point in the last two decades. Alliant is spending roughly $2.5 billion a year on capital projects, almost entirely on generation and grid infrastructure, and funding that with a balanced mix of operating cash flow, debt, tax-credit transfers, and common equity. The prize is a meaningfully larger rate base and earnings stream by the end of the decade; the risk is that the costs arrive before the revenues do.

The file turns on a single question: whether the regulatory compact in Iowa and Wisconsin, combined with disciplined execution of a massive capital plan, can produce the earnings growth the market is already pricing — or whether rate lag, rising interest costs, and the lumpy reality of large-load development turn the next several years into a balance-sheet management story disguised as a growth story.