Alliant Energy Raises Capital Spending 19% to $15.9 Billion Through 2030
Key Facts
Alliant Energy raised its capital spending outlook for 2027–2030 by 19% to $15.9 billion to meet rising electricity demand, according to its results and guidance issued on October 29, 2026. The company said its utilities have 3.4 gigawatts of contracted data center demand. It expects peak demand to rise by about 60% by 2031 as loads associated with these centers expand. The company also issued 2027 earnings-per-share guidance of $3.63 to $3.73. The midpoint of this range represents growth of 8% compared with the midpoint of its original 2026 guidance, while the company is targeting annual growth of at least 8% during the 2027–2030 planning period.
Alliant said the higher spending is needed to provide the resources required for expected data center demand and maintain service reliability. The chief financial officer said, according to Reuters, that the company expects to sign contracts for about 1 gigawatt of additional data center demand within six months of October 30, 2026. This additional load is expected to begin ramping up between 2029 and 2031. The CFO said earnings growth could exceed the company's 8% target if capital spending rises to support load growth and future investment opportunities. The 2027 earnings-per-share guidance assumes the expected revenue from new data center demand is realized and spending plans are executed on schedule.
The plan announcement came alongside quarterly results showing GAAP earnings per share of $1.52 in the third quarter of 2026, compared with $1.09 in the same period of 2025. In the first nine months of the year, earnings per share were $3.04, up 17% from $2.59 in the corresponding period of 2025. The company attributed the main factors in its current-quarter third-quarter results to the timing of income tax expense, higher revenue requirements as IPL and WPL expanded their asset bases, and higher retail electricity sales. The increase in revenue requirements had an impact of $0.05 per share at IPL and $0.12 at WPL. The company extended IPL's base retail electricity rate stabilization plan by one additional year, providing customers in Iowa with expected stability through the end of 2030.
Separately from the broader spending plan, the U.S. Department of Energy announced on October 28 the financial close of a $5.1 billion package of low-interest loans to Alliant Energy to support power generation and strengthen grid reliability in Iowa and Wisconsin. The department said the supported projects will add more than 2.6 gigawatts of new or upgraded capacity and could provide more than $1 billion in electricity savings for households and businesses in the two states. Projects the company may seek to pursue through the financing include 1.6 gigawatts of new natural gas generation, a 240-megawatt increase in the capacity of existing gas facilities, and 1 gigawatt of energy storage. Access to the financing is subject to project progress and meeting eligibility and funding requirements. The company estimated that the loans could provide customers with up to $1.2 billion in cumulative savings over their 30-year life.
Alliant set its 2027 annual dividend target at $2.25 per share, compared with the current annual target of $2.14. The first-quarter dividend is expected to be announced in January 2027. In trading, the company's shares, listed under the ticker LNT, closed at $71.65 on October 30, 2026. The company's guidance for next year links the timely execution of spending to the realization of expected revenue from new data center demand. It also indicated that earnings growth opportunities could exceed the stated target if spending rises to support load growth. This comes as the company continues planning generation and storage projects to support service reliability in Iowa and Wisconsin.