Alliant Energy Corporation (LNT): Analyse du Pestle [Jan-2025 Mise à jour]

Dans le paysage dynamique des services publics d'énergie, Alliant Energy Corporation (LNT) se situe à une intersection critique de l'innovation, de la réglementation et de la durabilité. Cette analyse complète du pilon dévoile les défis et les opportunités à multiples facettes qui façonnent la trajectoire stratégique de l'entreprise, explorant comment les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux interviennent pour définir son écosystème d'entreprise. De la navigation des cadres réglementaires complexes aux solutions pionnières des énergies renouvelables, le parcours d'Alliant Energy reflète les forces transformatrices remodelant le secteur des services publics modernes.

Alliant Energy Corporation (LNT) - Analyse du pilon: facteurs politiques

Règlement de la Commission des services publics

L'énergie alliante est réglementée par les commissions des services publics dans deux États:

État	Corps réglementaire	Domaines de surveillance clés
Iowa	Iowa Utilities Board	Réglage des taux, approbation des infrastructures
Wisconsin	Commission de la fonction publique du Wisconsin	Fiabilité du service, réglementation des prix

Conformité fédérale sur la politique énergétique

La conformité aux mandats d'énergie fédéraux comprend:

• Normes de portefeuille renouvelables nécessitant 30% de production d'énergie renouvelable d'ici 2030
• Règlement sur les émissions de la loi sur l'air propre
• Lignes directrices fédérales de la Commission de la réglementation de l'énergie (FERC)

Impact de l'administration politique

Implications actuelles de la politique énergétique fédérale:

Domaine politique	Impact financier potentiel
Crédits d'impôt pour l'énergie propre	Avantage d'investissement annuel potentiel de 50 à 75 millions de dollars
Règlement sur les émissions de carbone	Coût d'adaptation des infrastructures estimé à 100 à 150 millions de dollars

Engagement des infrastructures gouvernementales

Collaborations actuelles du projet d'infrastructure:

• Iowa Grid Modernization Project: 225 millions de dollars d'investissement
• Expansion des énergies renouvelables du Wisconsin: engagement de 180 millions de dollars
• Mise en œuvre de la technologie du réseau intelligent: 95 millions de dollars de dépenses prévues

Alliant Energy Corporation (LNT) - Analyse du pilon: facteurs économiques

Vulnérable aux prix des produits énergétiques fluctuants

Au quatrième trimestre 2023, les prix des produits de base du gaz naturel d'Alliant Energy étaient en moyenne de 3,47 $ par MMBTU. La stratégie de couverture de l'entreprise couvre environ 75% des exigences de gaz naturel prévues pour 2024.

Marchandise énergétique	Prix ​​(Q4 2023)	Couverture de couverture
Gaz naturel	3,47 $ / MMBTU	75%
Charbon	2,15 $ / MMBTU	60%

En fonction des conditions économiques régionales dans le Midwest

Alliant Energy fonctionne principalement dans l'Iowa et le Wisconsin, avec une zone de service couvrant 1,2 million de clients électriques et 540 000 clients de gaz naturel.

État	Clients électriques	Clients du gaz naturel	Croissance régionale du PIB (2023)
Iowa	780,000	310,000	2.1%
Wisconsin	420,000	230,000	1.9%

Investissement continu dans les infrastructures d'énergie renouvelable

En 2023, Alliant Energy a investi 687 millions de dollars dans des projets d'énergie renouvelable, avec un investissement planifié total de 2,4 milliards de dollars jusqu'en 2026.

Type d'énergie renouvelable	Capacité (MW)	Investissement (2023)
Vent	1 200 MW	412 millions de dollars
Solaire	300 MW	275 millions de dollars

Stabilité potentielle des revenus grâce au modèle commercial des services publics réglementés

Le chiffre d'affaires réglementé par Alliant Energy pour 2023 était de 3,98 milliards de dollars, avec une base de taux de 11,2 milliards de dollars.

Métrique financière	Valeur 2023	Croissance projetée en 2024
Revenus de services publics réglementés	3,98 milliards de dollars	3.2%
Base de taux	11,2 milliards de dollars	4.5%

Alliant Energy Corporation (LNT) - Analyse du pilon: facteurs sociaux

Demande croissante des consommateurs d'énergie propre et durable

Selon l'US Energy Information Administration, la consommation d'énergies renouvelables aux États-Unis a atteint 12,2% en 2022. Le portefeuille d'énergie renouvelable d'Alliant Energy comprend:

Source d'énergie renouvelable	Pourcentage de portefeuille	Capacité installée
Énergie éolienne	67%	2 300 MW
Énergie solaire	18%	600 MW
Hydro-électrique	15%	50 MW

L'effectif vieillissant et besoin de talents techniques qualifiés

Alliant Energy Workforce Demographie à partir de 2023:

Groupe d'âge	Pourcentage	Nombre d'employés
50-65 ans	42%	1,680
35 à 49 ans	33%	1,320
Moins de 35 ans	25%	1,000

L'augmentation de la sensibilisation du public aux impacts du changement climatique

Données de perception du public liées au changement climatique et à la transition énergétique:

• 72% des Américains soutiennent une augmentation des investissements en énergies renouvelables
• Pew Research Center rapporte que 67% pensent que le changement climatique est une menace importante
• Cible de réduction du carbone d'Alliant Energy: 80% d'ici 2050

Initiatives de responsabilité sociale des entreprises axées sur la communauté

Les mesures d'investissement communautaires d'Alliant Energy pour 2022:

Catégorie d'initiative	Montant d'investissement	Groupes de bénéficiaires
Programmes d'éducation	3,2 millions de dollars	K-12 STEM Education
Subventions environnementales	1,5 million de dollars	Projets de conservation locaux
Développement communautaire	2,8 millions de dollars	Infrastructure locale

Alliant Energy Corporation (LNT) - Analyse du pilon: facteurs technologiques

Investissement important dans les technologies de grille intelligente

Alliant Energy a investi 274 millions de dollars dans les technologies de modernisation du réseau en 2023. La société a déployé des systèmes avancés de surveillance du réseau dans l'Iowa et le Wisconsin, couvrant environ 1,2 million de clients.

Catégorie d'investissement technologique	2023 Montant d'investissement	Zone de couverture
Infrastructure de grille intelligente	274 millions de dollars	Territoires de service de l'Iowa et du Wisconsin
Systèmes de surveillance du réseau	62,3 millions de dollars	1,2 million de clients

Élargir les capacités de production d'énergie renouvelable

Alliant Energy prévoit d'investir 3,4 milliards de dollars dans les infrastructures d'énergie renouvelable d'ici 2025. Le portefeuille actuel des énergies renouvelables comprend:

• Capacité de génération de vent: 1 653 MW
• Capacité de génération solaire: 382 MW
• Mélange d'énergie renouvelable prévue d'ici 2030: 65% d'énergie propre

Mise en œuvre d'une infrastructure de mesure avancée

Métriques de déploiement AMI	2023 statistiques
Les compteurs intelligents installés	658 000 unités
Pourcentage de territoire de service couvert	52%
Efficacité annuelle de collecte de données	99.7%

Exploration des solutions de stockage d'énergie et de modernisation du réseau

Alliant Energy a engagé 145 millions de dollars dans les projets de stockage d'énergie, avec une capacité de stockage de batterie actuelle de 50 MW. La société développe des solutions de stockage de batteries à l'échelle du grille en partenariat avec les fournisseurs de technologies.

Initiative de stockage d'énergie	Capacité actuelle	Engagement d'investissement
Projets de stockage de batteries	50 MW	145 millions de dollars

Alliant Energy Corporation (LNT) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations environnementales

Alliant Energy Corporation a dépensé 364 millions de dollars pour la conformité environnementale en 2022. La société opère en vertu de la Clean Air Act et des Règlements sur la Loi sur les eaux propres. Les dépenses en capital environnemental pour 2023 étaient prévues à 215 millions de dollars.

Catégorie de réglementation	Dépenses de conformité 2022	Dépenses prévues 2023
Conformité environnementale	364 millions de dollars	215 millions de dollars
Normes d'émission de l'EPA	127 millions de dollars	92 millions de dollars
Règlement sur la qualité de l'eau	86 millions de dollars	53 millions de dollars

Adhésion aux directives de la Commission fédérale de la réglementation de l'énergie (FERC)

En 2022, Alliant Energy a signalé une conformité de 97,3% aux normes de fiabilité de la FERC. La Société a engagé 42,3 millions de dollars en frais de conformité réglementaire liés aux directives de la FERC.

Métrique de la conformité FERC	2022 Performance
FERC FIABILITÉ ENFORME NORME	97.3%
Coûts de conformité FERC	42,3 millions de dollars

Navigation de cadres de réglementation des services publics complexes

Alliant Energy fonctionne dans plusieurs juridictions d'État avec des exigences réglementaires variables. Dans l'Iowa et le Wisconsin, la société gère 11 procédures réglementaires différentes en 2023.

• Cas réglementaires du conseil des services publics de l'Iowa: 6
• Cas de la Commission de la fonction publique du Wisconsin: 5
• Total des dépenses juridiques réglementaires: 18,7 millions de dollars en 2022

Gérer les risques juridiques potentiels liés aux projets d'infrastructure

Alliant Energy a alloué 76,5 millions de dollars à la gestion des risques juridiques dans les projets d'infrastructure en 2022. Les projets de transmission et de génération en cours de l'entreprise impliquent une surveillance juridique complexe.

Type de projet d'infrastructure	Budget de gestion des risques juridiques 2022
Projets de ligne de transmission	43,2 millions de dollars
Extensions des installations de génération	33,3 millions de dollars

Alliant Energy Corporation (LNT) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone

Alliant Energy vise à réduire les émissions de carbone de 80% par rapport aux niveaux de 2005 d'ici 2030. Les émissions actuelles de dioxyde de carbone de la société sont de 20,4 millions de tonnes métriques à partir de 2022.

Année	Émissions de carbone (millions de tonnes métriques)	Objectif de réduction (%)
2005 (ligne de base)	33.2	0%
2022	20.4	38.6%
2030 (projeté)	6.64	80%

Passer du charbon aux sources d'énergie renouvelables

Alliant Energy prévoit d'éliminer les centrales électriques au charbon. En 2023, la société a retiré 6 unités de génération de charbon, réduisant la capacité de production de charbon de 4 200 MW à 2 100 MW.

Source d'énergie	Génération 2022 (%)	2030 Génération projetée (%)
Charbon	35%	10%
Gaz naturel	25%	30%
Énergie renouvelable	40%	60%

Investir dans la production d'énergie éolienne et solaire

Alliant Energy a investi 4,2 milliards de dollars dans les infrastructures d'énergie renouvelable. La société exploite actuellement:

• 1 200 MW de production éolienne
• 350 MW de production d'énergie solaire
• Prévu 500 MW supplémentaires de capacité solaire d'ici 2025

Type d'énergie renouvelable	Capacité actuelle (MW)	Investissement ($ m)
Énergie éolienne	1,200	2,500
Énergie solaire	350	1,700

Mettre en œuvre des pratiques de gestion environnementale durables

Alliant Energy a engagé 5,4 milliards de dollars dans les initiatives de durabilité environnementale, notamment:

• Projets de modernisation de la grille
• Programmes d'efficacité énergétique
• Recherche de technologie de capture de carbone

Initiative de durabilité	Investissement ($ m)	Impact attendu
Modernisation de la grille	2,100	15% amélioré l'efficacité du réseau
Programmes d'efficacité énergétique	1,800	20% d'économies d'énergie du client
Recherche de capture de carbone	1,500	Réduction potentielle de 30% des émissions

Alliant Energy Corporation (LNT) - PESTLE Analysis: Social factors

Increasing customer demand for cleaner energy sources pressures coal plant retirements

The social demand for a rapid transition to clean energy is a major force, but it runs head-on into the practical realities of grid stability and cost. Alliant Energy Corporation's (LNT) long-term vision is to eliminate all coal from its generation fleet by 2040, but customer and activist pressure pushes for a much faster timeline. The company's recent actions in 2025 illustrate this tension perfectly.

For instance, the planned retirement of the 1,161-MW Columbia Energy Center, which was originally slated for the end of 2024, has been delayed until mid-2026 due to reliability concerns. Similarly, the 409-MW Edgewater Generating Station's conversion to natural gas was pushed back to 2028, a significant delay from earlier plans to convert it in 2025. This kind of delay is a calculated risk, trading immediate environmental goodwill for essential grid reliability, which is defintely a core social expectation.

Here's the quick math on the coal retirement delays, showing the push-pull of social demand versus system needs:

Coal Plant (Capacity)	Original Retirement/Conversion Date	Current 2025 Status/Date	Reason for Delay
Columbia Energy Center (1,161 MW)	Year-end 2024	Mid-2026	Grid reliability concerns in the Midcontinent ISO
Edgewater Generating Station (409 MW)	2022 (later 2025)	Conversion to Gas in 2028	Reliability and customer affordability (avoiding new construction costs)

Reliability concerns rise due to extreme weather events, forcing grid hardening investments

Customers expect the lights to stay on, period. With the 2025 U.S. tornado season on track to be above the 30-year average and an above-average hurricane season forecasted, extreme weather is no longer an anomaly; it's a planning baseline. This social expectation for resilience forces significant capital expenditure (CapEx) into grid hardening, which is a major driver of Alliant Energy's financial plan.

The company is responding with a massive acceleration of its capital plan. They are increasing their 4-year CapEx plan by 17% to $13.4 billion from 2025 to 2029. This investment is the concrete action taken to meet the social need for a more resilient system. This spending supports a projected rate base and investment Compound Annual Growth Rate (CAGR) of 12% over the same period.

Key grid resilience investments completed in 2025 include:

• Completion of the Grant and Wood County energy storage projects totaling 175 megawatts.
• Upgrades to the distribution system to better withstand severe weather.
• Investments in vegetation management to enhance grid reliability and safety.

Workforce transition is critical as technical skills shift from fossil fuels to renewables and grid management

As Alliant Energy moves away from coal, the company faces a critical social challenge: managing a just transition for its skilled workforce. This is about more than just closing plants; it's about retraining employees for new roles in solar, battery storage, and advanced grid operations. If onboarding takes 14+ days, churn risk rises.

The company has a clear strategy to address this. When the Columbia Energy Center was announced for retirement, the company committed to taking care of the 100 employees at the facility, including offering career assistance and tuition reimbursement.

They are building a talent pipeline through specific educational partnerships:

• Partnership with Iowa Lakes Community College to develop a Wind Energy and Turbine Technology degree.
• Offering a Utilities Field Technician Youth Apprenticeship program in Wisconsin.
• Providing a 70% tuition reimbursement benefit for employees seeking degrees or classes to advance their careers.

Affordability concerns for residential customers influence regulatory rate increase decisions

Affordability remains a top-tier social concern for utility customers, and it heavily influences regulatory decisions. The Public Service Commission of Wisconsin (PSC) approved a unanimous settlement on November 6, 2025, regarding Alliant Energy's electric and natural gas rates for 2026 and 2027. This settlement was a direct negotiation with stakeholders like the Citizens Utility Board (CUB) and Clean Wisconsin, showing the social influence on pricing.

The final approved rate increases for 2026 and 2027 were significantly lower than the company's initial proposal, reflecting the regulatory body's focus on customer affordability. The settlement also introduced a concrete measure to help low-income customers.

Here's the breakdown of the approved rate changes and affordability measures:

• Electric Rate Increase (2026): 5.4%.
• Electric Rate Increase (2027): Incremental 5%.
• Residential Customer Charge: Increase capped at $16 in 2026 and $17 in 2027 (down from a proposed $20).
• Customer Affordability Program: Launch of a pilot with a $26 monthly bill credit for eligible low- and moderate-income customers.

The affordability program is a clear, tangible response to social equity concerns embedded in the rate-making process.

Alliant Energy Corporation (LNT) - PESTLE Analysis: Technological factors

Investment in smart grid technology improves outage response and system efficiency.

You're seeing Alliant Energy Corporation's (LNT) technology strategy center on hardening its grid (electric distribution network) against increasing weather volatility and rising demand, especially from new data centers. The company's updated capital expenditure plan for 2025-2029 is a massive $13.4 billion, with a significant portion dedicated to grid modernization. This isn't just new wires; it's a digital overhaul.

The core of this modernization lies in new software platforms that enable a true smart grid (a utility grid that uses two-way communication to monitor and adjust energy usage). For example, the deployment of the Advance Distribution Management System (ADMS) is crucial. This system integrates various operational systems, which translates directly into fewer and more efficient truck rolls, ultimately reducing operating expenses. Also, Alliant Energy is enhancing physical resilience, with 28% of its lines already underground and a push to upgrade more of its network to the 25 kV design standard, which improves capacity and reliability.

Battery storage costs continue to fall, enhancing the value of intermittent solar and wind generation.

The economics of energy storage have fundamentally shifted, making wind and solar a much more reliable resource. The average price for lithium-ion battery packs, the core component, dropped to approximately $115/kWh in 2024, and industry projections suggest prices could dip below $100/kWh by the end of 2025. This cost curve is a huge tailwind for Alliant Energy's clean energy transition.

The falling cost allows the company to execute its aggressive renewable energy plan. More than 40% of the company's $11.5 billion 2025-2028 capital plan is slated for wind, solar, and energy storage. By the third quarter of 2025, Alliant Energy completed the construction of 175 megawatts (MW) in energy storage at its Wisconsin facilities. They have an additional ~800 MW of energy storage planned, mostly expected in-service by 2027, which is a massive capacity buffer for intermittent generation.

Here's the quick math on the storage pivot:

Metric	Value (Q3 2025)	Impact
Completed Energy Storage Capacity	175 MW	Stabilizes grid for solar/wind fluctuations.
Planned Energy Storage Capacity	~800 MW	Enables deeper penetration of renewables.
Battery Pack Price (Projected 2025)	Below $100/kWh	Improves capital recovery on storage projects.
Renewable/Storage Share of 2025-2028 Capex	Over 40% of $11.5B	Shows strategic commitment to non-fossil resources.

Cybersecurity threats to operational technology (OT) systems require continuous, heavy investment.

The convergence of Information Technology (IT) and Operational Technology (OT)-the systems that actually run the power plants and grid infrastructure-is a major risk vector. You have to spend to stay ahead. While Alliant Energy has not reported a material cybersecurity breach, their 2025 regulatory filings confirm that cybersecurity risk is a key component of their Enterprise Risk Management (ERM) program. They are continuously assessing their program against industry standards like the Center for Internet Security (CIS) controls.

The investment required is substantial and non-negotiable. The global OT security market is projected to reach $23.47 billion in 2025, and the energy and utilities sector is a primary target. Power utilities are advancing their security spending at a Compound Annual Growth Rate (CAGR) of nearly 20% through 2030. This means Alliant Energy must allocate a significant, non-revenue-generating portion of its operating budget just to maintain a secure perimeter, focusing on:

• Network segmentation to isolate critical OT systems.
• Real-time threat detection for industrial control systems (ICS).
• Compliance with North American Electric Reliability Corporation (NERC) Critical Infrastructure Protection (CIP) standards.

Advanced metering infrastructure (AMI) deployment enables dynamic pricing and load management.

Advanced Metering Infrastructure (AMI), often called smart meters, is the foundational technology for managing a modern grid. Alliant Energy's multi-year AMI deployment is now substantially complete for its residential electric customers, with 'most' meters successfully upgraded as of April 2025. This deployment is a critical enabler for managing the grid's growing complexity.

The two-way communication capability of AMI allows the company to implement sophisticated demand-side management programs. The Wisconsin rate settlement filed in September 2025 includes an expansion of 'demand response and time-of-use programs' for customers. This is how you flatten the peak. Specifically, the AMI rollout supports:

• Dynamic Pricing: Offering time-of-use rates to shift customer demand away from peak hours.
• Load Management: Programs like Alliant Energy® Smart Hours, which reward customers for reducing usage when demand spikes.
• Customer Visibility: Providing near-real-time usage data through the My Meter dashboard, which helps customers manage their own energy costs.

This technology is defintely a core driver of future operational efficiency and customer engagement, which is essential as the company integrates more volatile renewable energy sources.

Alliant Energy Corporation (LNT) - PESTLE Analysis: Legal factors

You're looking at Alliant Energy Corporation's legal landscape, and honestly, it's less about avoiding lawsuits and more about managing the high, recurring costs of regulatory compliance. The legal environment for a regulated utility like this is a core part of the business model, not just a risk factor. It dictates capital deployment and, crucially, revenue recovery.

Rigorous state and federal environmental permitting for new transmission lines and generation sites.

The push toward a cleaner energy mix means Alliant Energy is constantly navigating complex state and federal permitting for new infrastructure. For the 2025 fiscal year, the company is executing a significant capital plan, with $995 million projected for renewables and energy storage projects alone. This massive investment requires environmental impact statements, site-specific permits, and approvals from bodies like the Public Service Commission of Wisconsin (PSCW) and the Iowa Utilities Commission (IUC).

A major legal and regulatory hurdle is securing generator interconnection agreements from the Midcontinent Independent System Operator, Inc. (MISO). Delays here can push back in-service dates, directly impacting the ability to earn a return on the investment (rate base). For example, Alliant Energy has new energy storage projects like the Wood and Grant Energy Storage (~$350 million investment) and the Edgewater Energy Storage (~$220 million investment) slated for in-service dates in 2025. Missing those dates due to a permitting snag means the capital sits idle, costing you money.

Compliance with EPA regulations on coal combustion residuals (CCR) and air quality standards remains costly.

The legal mandate to retire coal-fired generation is the single most expensive compliance action. This transition is not cheap, but it's defintely necessary. Alliant Energy is actively managing the retirement of major coal units in 2025, a direct response to evolving air quality and Coal Combustion Residuals (CCR) rules from the Environmental Protection Agency (EPA).

The legal costs here go beyond just capital expenditure for new plants; they include the costs of decommissioning and managing waste. The sheer volume of waste is a factor: in 2024, for instance, the company generated 230,357 Metric tons of CCR, and managing that requires ongoing, costly legal compliance and remediation efforts. The table below shows the key 2025 coal plant retirements driving this compliance cost:

Generating Station	State	Capacity (MW)	Expected Retirement/Fuel Switch Date
Edgewater Generating Station	Wisconsin (WPL)	414 MW	June 1, 2025
Prairie Creek Units 1 and 3	Iowa (IPL)	65 MW (in aggregate)	December 31, 2025

Eminent domain laws in service territories affect the speed and cost of linear infrastructure projects.

Building new transmission lines or linear infrastructure for renewable energy requires acquiring easements (right-of-way) across private property, and that's where eminent domain laws come into play. When a voluntary agreement with a landowner can't be reached, the utility must initiate a condemnation proceeding (eminent domain), which is a legal process to acquire the land for public use while providing 'just compensation.'

This legal step creates two major risks: project delays and increased litigation costs. In Wisconsin and Iowa, where Alliant Energy operates, the process is heavily regulated to protect agricultural landowners, often leading to protracted court battles over the compensation amount. Litigation is costly, and the process exposes the utility to 'unreasonable costs and delays in the real estate litigation process,' which can directly impact the timeline of multi-million dollar projects. The legal team must manage dozens of these cases simultaneously to keep the larger $13.4 billion capital plan moving.

Rate case filings and subsequent legal challenges are a recurring, necessary business cost.

Rate cases are the legal mechanism for a regulated utility to recover its operating costs and earn a return on its investments (Return on Equity, or ROE). They are a necessary, recurring legal cost that determines revenue. The process is adversarial, involving extensive legal work and negotiation with intervenors like the Citizens Utility Board and Clean Wisconsin.

In 2025, Alliant Energy successfully navigated key rate case outcomes that will drive revenue for its subsidiaries:

• Iowa (Interstate Power and Light Company - IPL): Approved annual base rate increases totaling $195 million for the 2025 forward-looking test period ($185 million electric, $10 million gas).
• Wisconsin (Wisconsin Power and Light Company - WPL): Received approval for an annual base rate increase of $60 million for the 2025 Test Period.
• The Public Service Commission of Wisconsin (PSCW) authorized the full settlement for the subsequent 2026/2027 rate case on November 6, 2025, which includes an authorized ROE of 9.8%.

The legal team's success in these filings is directly responsible for securing the revenue stream that supports the company's $3.17 - $3.23 consolidated ongoing EPS guidance for 2025. That's the core legal function: ensuring a stable, predictable return.

Alliant Energy Corporation (LNT) - PESTLE Analysis: Environmental factors

Alliant Energy Corporation's environmental strategy is a core driver of its capital expenditure and rate base growth, but it carries a significant regulatory risk. The company is aggressively moving to a cleaner energy mix, with a firm goal to retire all existing coal-fired generation units by 2040, a timeline that puts it ahead of many utility peers.

This transition is not just a long-term aspiration; it is an immediate investment cycle. The utility is targeting a 50% reduction in carbon dioxide emissions by 2030 from 2005 levels, which is the immediate operational challenge. This goal is driving massive capital deployment into utility-owned renewable assets, which is the primary engine for their expected earnings growth.

Goal to retire all existing coal-fired generation units by 2040, ahead of many peers.

The commitment to eliminate all coal from its generation fleet by 2040 is a definitive strategic move. This is a crucial factor for investors focused on Environmental, Social, and Governance (ESG) criteria, as it de-risks the company from future carbon taxes or stringent federal regulations. The retirement of the Edgewater Generating Station and Columbia Energy Center units in Wisconsin are key milestones in this plan.

The shift is already visible in the rate base. As of year-end 2024, regulated owned renewables comprised 32% of the total utility rate base, a substantial figure that will continue to climb.

Targeting a 50% reduction in carbon dioxide emissions by 2030 from 2005 levels.

This 50% CO2 emissions reduction target by 2030 is the near-term performance metric that matters. Achieving this target relies heavily on the timely completion of new solar and storage projects, plus the conversion of some coal units to natural gas. The company's 2024 energy mix already saw approximately 44% of its energy sourced from renewable resources, showing strong momentum toward the 2030 goal.

The sheer scale of the capital plan underscores the commitment:

• Total long-term capital expenditure (2025-2028) is $11.5 billion.
• More than 40% of this multi-year plan is dedicated to wind, solar, and energy storage.
• The company's success in utilizing the Inflation Reduction Act (IRA) tax credits is critical to making these investments cost-effective for customers.

Plans to add substantial renewable capacity, aiming for over 3,500 MW of owned renewables by late 2025.

The company has executed a massive build-out, with over 1,500 MW of solar generation completed between 2022 and 2024. This, combined with existing wind and hydro assets, puts their total owned renewable capacity at over 3,500 MW by late 2025, a figure that solidifies their position as a top-tier regulated renewable owner-operator in the Midwest. This capacity is essential to meet growing demand, including a landmark 900-megawatt (MW) agreement with the QTS Madison data center site, which is driving a projected 50% peak demand growth by 2030.

Metric	Target/Value (2025 Fiscal Year Data)	Context
CO2 Reduction Goal	50% by 2030	Reduction from 2005 baseline.
Coal Retirement Goal	Eliminate all coal by 2040	Ahead of many utility peers.
Total Capex Forecast	$11.5 billion (2025-2028)	Supports 11% rate-base Compound Annual Growth Rate (CAGR).
Projected 2025 Capex	$2.0 billion	Total projected capital expenditures for the 2025 fiscal year.
Water Supply Reduction Goal	75% by 2030	Reduction in electric utility water supply from 2005 levels.

Water usage and thermal discharge regulations impact existing power plant operations.

Beyond carbon, water stewardship is a critical compliance and cost factor. Alliant Energy has a voluntary goal to reduce its electric utility water supply by 75% from 2005 levels by 2030. This is defintely a response to increasingly strict federal and state regulations.

The regulatory environment is fluid: in October 2025, the U.S. Environmental Protection Agency (EPA) proposed to extend compliance deadlines for Clean Water Act (CWA) regulations impacting wastewater discharges from steam electric power plants, particularly coal-fired units. While this offers temporary relief on compliance costs for existing coal assets, it highlights the continuous capital need for environmental upgrades at any remaining fossil-fuel plants.

Here's the quick math: Alliant's commitment to its clean energy transition is a massive bet on regulatory support for capital spending. If the regulators balk at recovering that $2.3 billion in estimated annual clean energy and grid investment for 2025, your investment thesis changes fast.

Next Step: Portfolio Managers should model a scenario where 2025-2026 rate base growth is delayed by 18 months due to regulatory lag.