Alliant Energy Lifts Spending Plan 19% to $15.9 Billion on Data Center Demand, Sets 2027 Guidance

Alliant Energy raised its long-range spending plan by 19% to $15.9 billion and set a higher 2027 dividend target, as data center demand reshapes the Midwest utility's growth outlook, according to a third-quarter earnings release attached to an 8-K filed Thursday.

The Madison, Wisconsin-based company reported third-quarter GAAP earnings of $1.52 a share, up 39.4% from $1.09 a year earlier. Ongoing, or non-GAAP, earnings were also $1.52 a share, up 35.7% from $1.12.

Guidance narrowed toward the top

Alliant narrowed its 2026 ongoing earnings guidance to $3.41 to $3.46 a share from $3.36 to $3.46, which the company said places it in the top half of its original range. Ongoing EPS for the first nine months was $2.99, up 14% from $2.62, while nine-month GAAP EPS rose 17% to $3.04 from $2.59.

For 2027, Alliant issued ongoing EPS guidance of $3.63 to $3.73 a share. The company said the midpoint represents 8% growth over the midpoint of its original 2026 guidance.

Data centers drive the build-out

The company's two utilities, Interstate Power and Light (IPL) and Wisconsin Power and Light (WPL), have 3.4 gigawatts of contracted demand from data centers, the release said. Alliant described its expected peak demand growth through 2031 as industry-leading.

To serve that load, Alliant raised its forecast capital expenditures for 2027 through 2030 to $15.9 billion. The plan calls for $4.305 billion in 2027, $4.735 billion in 2028, $4.285 billion in 2029 and $2.61 billion in 2030, with the biggest pieces going to renewables and energy storage and to thermal generation and liquefied natural gas.

What drove the quarter

The company cited higher revenue requirements from a growing rate base at IPL and WPL, worth $0.05 and $0.12 a share respectively, along with higher equity earnings from corporate venture investments, a higher allowance for funds used during construction and higher retail electric sales. Timing of income tax expense also helped, and Alliant said those tax timing differences will reverse by year-end.

Higher operation and maintenance costs, tied mainly to labor and planned maintenance, and higher financing and depreciation expenses partly offset the gains. Weather lifted EPS by an estimated $0.05 a share, compared with $0.03 a year earlier.

Dividend and rate plan

Alliant set a 2027 annual common dividend target of $2.25 a share, up 5.1% from the current target of $2.14. The first 2027 quarterly dividend is expected to be declared in January, subject to board approval.

The company also said it is extending IPL's retail electric base rate stability plan by one more year, through the end of 2030.

"We are driving meaningful economic development for the communities we are privileged to serve and converting it into durable investment growth, while earning our authorized returns, strengthening reliability, and maintaining affordability," President and CEO Lisa Barton said in the release.

By the numbers

• $1.52: third-quarter GAAP and ongoing EPS
• $3.41 to $3.46: narrowed 2026 ongoing EPS guidance
• $3.63 to $3.73: new 2027 ongoing EPS guidance
• $2.25: 2027 annual dividend target, up from $2.14
• $15.9 billion: capital spending plan for 2027 through 2030, up 19%
• 3.4 gigawatts: contracted data center demand

Alliant scheduled a conference call for Friday, Oct. 30, at 9 a.m. Central Time.

Sources

1. Alliant Energy Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0000352541-26-000045)

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