ALLIANT ENERGY CORP

Alliant Energy Corporation operates as a public utility holding company whose primary business is the generation and distribution of electricity and the distribution and transportation of natural gas, serving customers in the Midwest through its two principal utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). The company's operations are subject to comprehensive regulation by state and federal authorities, including the Iowa Utilities Commission (IUC), the Public Service Commission of Wisconsin (PSCW), and the Federal Energy Regulatory Commission (FERC), which shape the competitive landscape by setting authorized rates of return and approving cost recovery mechanisms.

The filing does not name specific primary competitors or provide market share data. Management describes competitive advantages rooted in the regulated utility model, including the ability to earn authorized rates of return through rate relief, cost recovery mechanisms for fuel, operating, transmission, and capital expenditures, and the potential to attract large load growth customers such as data centers. The company also highlights its investments in renewable generation and energy storage projects as a strategic position within the evolving energy landscape.

Alliant Energy generates revenue primarily through the regulated sale of electricity and natural gas to retail and wholesale customers. Revenue is predominantly recurring in nature, derived from residential, commercial, and industrial customer segments across IPL's and WPL's service territories. The business model relies on regulatory frameworks that allow for the recovery of fuel costs, operating costs, transmission costs, capacity costs, capital expenditures, and a return on invested capital through rate orders and formula rate mechanisms.

IPL's electric utility operations serve retail residential, commercial, and industrial customers, as well as wholesale customers, with electric operating revenues of $1,575.4 million ¹ for the year ended December 31, 2025. IPL's gas utility operations serve retail residential, commercial, and industrial customers, generating gas operating revenues of $233.0 million ² for the same period. WPL's electric utility operations serve retail residential, commercial, and industrial customers, as well as wholesale customers, with electric operating revenues of $1,587.6 million ³ for the year ended December 31, 2025. WPL's gas utility operations serve retail residential, commercial, and industrial customers, generating gas operating revenues of $268.6 million ⁴ for the same period. Other utility revenues, including steam sales, contributed $10.0 million ⁵ for IPL and $5.0 million ⁶ for WPL in 2025. Non-utility and other revenues, which include the Alliant Energy parent and other non-utility businesses, were $0.0 million ⁷ for the year ended December 31, 2025.

During the period, Alliant Energy engaged in significant capital activities including the issuance of long-term debt. IPL issued $300.0 million ⁸ of 5.60% Senior Debentures due 2035 and $350.0 million ⁹ of 5.45% Senior Debentures due 2054. WPL issued $300.0 million ¹⁰ of 5.70% Debentures due 2055. Alliant Energy Finance, LLC (AEF) issued $400.0 million ¹¹ of 5.95% Senior Notes due 2029. The company also entered into a new Term Loan Credit Agreement through March 2026 for $300.0 million ¹². Additionally, Alliant Energy established a new at-the-market (ATM) offering program on May 9, 2025, under which it may sell up to $750.0 million ¹³ of common stock through December 31, 2028. During the year, Alliant Energy sold 347,064 ¹⁴ shares of common stock under the 2025 ATM program for net proceeds of $21.5 million ¹⁵. The company also paid common stock dividends of $1.92 ¹⁶ per share in 2025.

For the fiscal year ended December 31, 2025, Alliant Energy Corporation reported consolidated operating revenues of $4,039.7 million ¹⁷, compared to $4,027.3 million ¹⁸ in 2024. Net income attributable to Alliant Energy common shareowners was $703.0 million ¹⁹ in 2025, compared to $703.0 million ²⁰ in 2024. Diluted earnings per share were $2.73 ²¹ in 2025, compared to $2.73 ²² in 2024. Cash flows from operations were $1,380.3 million ²³ in 2025, compared to $1,340.0 million ²⁴ in 2024.

A primary growth vector is the attraction of large load growth customers, such as data centers, which management identifies as a potential driver of higher system load demand. The filing notes the ability and cost to attract these customers and to provide sufficient generation and transmission capacity as a key factor, while also flagging risks that such customers may alter, delay, or cancel planned facilities, potentially resulting in overbuilt or under-utilized transmission capacity or generation assets.

Another growth vector is the continued investment in renewable generation and energy storage projects. The filing discusses the ability to achieve expected levels of tax benefits for these projects based on tax guidelines, timely beginning of construction and in-service dates, sourcing permissible amounts of construction and/or financing support, compliance with prevailing wage and apprenticeship requirements, project costs, and the level of electricity output generated by qualifying facilities. The company also aims to efficiently utilize these tax benefits to achieve IPL's authorized rate of return.

The filing does not provide specific margin or cost outlook targets, but discusses the cost structure evolution through the ability to recover costs, including fuel costs, operating costs, transmission costs, capacity costs, and capital expenditures, through rate relief. The impact of inflation, labor issues, supply shortages, and tariffs on project costs are noted as factors that could affect cost targets.

The filing does not provide a specific operational outlook for supply chain, manufacturing capacity, technology infrastructure investments, or headcount strategy beyond the general risks and opportunities discussed in the business and risk factor sections.

Capital allocation is discussed through the establishment of the 2025 ATM offering program, under which Alliant Energy may sell up to $750.0 million ²⁵ of common stock through December 31, 2028. The company paid common stock dividends of $1.92 ²⁶ per share in 2025. The filing does not provide specific R&D spending levels or share repurchase authorization amounts beyond the ATM program.

Management explicitly flags several headwinds and constraints to the growth plan. These include the impact of customer- and third party-owned generation and other non-traditional service models, which could affect system reliability, operating expenses, and customers' demand for electricity. Economic conditions in IPL's and WPL's service territories, including potential impacts of business or facility closures and tariffs, are identified as constraints. The ability to obtain adequate and timely rate relief from regulators is a persistent structural headwind.

Additional constraints include the direct or indirect effects resulting from cybersecurity incidents or attacks, weather effects on utility sales volumes and operations, and changes in the price of delivered natural gas, transmission, purchased electric energy, purchased electric capacity, and delivered coal, particularly during elevated market prices. The ability to complete construction of generation and energy storage projects by planned in-service dates and within cost targets due to cost increases, tariffs, inflation, labor issues, or supply shortages is also a noted constraint.

The most material risks specific to Alliant Energy's business include the ability to obtain adequate and timely rate relief from state and federal regulators, which directly impacts the company's ability to recover costs and earn its authorized rate of return. The filing highlights the risk that large load growth customers, such as data centers, may alter, delay, or cancel planned facilities, potentially leading to overbuilt or under-utilized transmission capacity or generation assets. Another significant risk is the impact of customer- and third party-owned generation and non-traditional service models, which could reduce customers' demand for electricity from the utility and affect system reliability and operating expenses. The company also faces risks related to the completion of construction projects for generation and energy storage within cost targets and planned in-service dates, with potential cost increases from tariffs, inflation, labor issues, and supply shortages. Finally, changes in the price of delivered natural gas, purchased electric energy, and capacity, particularly during elevated market prices, pose a risk to cost recovery and counterparty credit risk.

Management's overall tone in the filing is forward-looking and focused on the regulated utility business model's ability to generate consistent financial performance through rate recovery mechanisms and strategic investments. Key themes emphasized include the attraction of large load growth customers, continued investment in renewable generation and energy storage projects, and the importance of obtaining adequate and timely rate relief.