Alliant Energy Boosts Capex to $15.9 Billion as Q3 Earnings Surge

Alliant Energy has increased its four-year capital spending forecast by 19% to $15.9 billion as surging data center electricity demand fuels investment in new power generation and infrastructure across the Midwest.

The Wisconsin-based utility announced the expanded investment program alongside stronger third-quarter 2026 earnings, with net income jumping 42% to $398 million from $281 million a year earlier.

Diluted earnings per share rose to $1.52 from $1.09 in the third quarter of 2025, while revenue increased 6% to $1.29 billion.

The company's two regulated utilities, Interstate Power and Light (IPL) and Wisconsin Power and Light (WPL), have secured 3.4 gigawatts of contracted electricity demand from data centers, positioning Alliant for substantial load growth over the coming years.

Alliant expects peak electricity demand across its service territories to increase approximately 60% by 2031, reflecting the accelerating power requirements of large-scale computing facilities.

To accommodate that growth, the utility has raised its projected capital expenditures for 2027 through 2030 to $15.9 billion, with investments spanning conventional power generation, liquefied natural gas infrastructure, renewable energy, battery storage, and electricity distribution networks.

The updated plan includes approximately $6.8 billion for thermal generation and LNG-related infrastructure and $5.1 billion for renewable energy and storage projects during the four-year period.

Annual capital spending is expected to reach $4.3 billion in 2027 and peak at approximately $4.7 billion in 2028 before moderating toward the end of the decade.

The expansion highlights the growing role of data centers in reshaping U.S. electricity demand and driving utilities to accelerate investment in both dependable generation capacity and grid infrastructure.

Alliant also strengthened its earnings outlook, narrowing its 2026 ongoing earnings guidance to $3.41–$3.46 per share from the previous range of $3.36–$3.46.

For 2027, the company expects ongoing earnings of $3.63–$3.73 per share, representing approximately 8% growth at the midpoint compared with the midpoint of its original 2026 guidance.

Alliant attributed its stronger quarterly performance partly to higher revenues associated with an expanding regulated asset base, including investments in generation and energy storage, as well as increased retail electricity sales and higher equity earnings from investments.

Favorable timing of income tax expenses also contributed to the improvement, although the company expects those timing benefits to reverse by year-end. Higher maintenance, financing, and depreciation expenses partially offset the gains.