Alliant Energy to Boost Capital Spending After 2025 Profit Growth

Charles Kennedy

Fri, February 20, 2026 at 10:50 AM GMT+9 2 min read

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Alliant Energy said 2025 GAAP EPS rose to $3.14 from $2.69 in 2024, while ongoing (non-GAAP) EPS increased to $3.22 from $3.04, representing 6% growth. The company affirmed 2026 ongoing EPS guidance of $3.36–$3.46.

Management framed the year’s performance around execution on a growing regulated investment plan and “growing customer demand,” including an updated arrangement tied to QTS, a major data center operator, after renegotiating an electric service agreement based on a new project location.

Alliant pointed to higher earnings primarily from increased revenue requirements tied to authorized rate base increases, reflecting ongoing investments in generation and energy storage. Temperature effects also supported results on a full-year basis, with the company estimating a $11 million net operating income tailwind from weather versus a $51 million headwind in 2024.

Those gains were partially offset by higher operations and maintenance costs, including increased generation costs from planned maintenance and new resource additions, alongside higher development costs tied to longer-term growth. Depreciation and financing costs also rose as the capital program expanded.

For 2025, ongoing EPS excludes $0.05/share tied to an asset valuation charge in the non-utility business and $0.03/share related to remeasurement of deferred tax assets driven by higher projected utility revenues from commercial and industrial customers, including data center agreements in its service areas.

Alliant updated projected capital expenditures for 2026–2029, showing annual totals of:

2026: $3.13 billion

2027: $3.58 billion

2028: $3.63 billion

2029: $3.07 billion

By category, the plan features sizeable allocations to renewables and energy storage (roughly $1.06–$1.50 billion per year over 2026–2029) and gas projects (peaking at $1.52 billion in 2027), alongside steady investment in electric and gas distribution systems.

For regulated utilities, the core earnings engine remains rate base growth—deploying capital into projects that regulators allow utilities to earn a return on, then recovering costs through rates over time. Alliant’s emphasis on renewables/storage plus gas and grid spending tracks a broader U.S. utility trend: balancing reliability needs with decarbonization goals while preparing for incremental load growth, including from large commercial users such as data centers.

By Charles Kennedy for Oilprice.com

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