Alliant Energy Corporation (LNT): Business Model Canvas [Dec-2025 Updated]

You're looking at Alliant Energy Corporation (LNT) right now, and honestly, the story isn't just about keeping the lights on in Iowa and Wisconsin anymore; it's about managing a massive, regulated transition. This utility, serving roughly 1 million electric customers, is balancing its stable, predictable revenue streams-with 2025 ongoing EPS guidance narrowed to $3.17 to $3.23 per share-against the sudden, huge demand from hyperscale data centers, which already have about 3 GW of load contracted. To power this growth and meet its clean energy targets, Alliant Energy is backing a staggering $13.4 billion capital expenditure plan through 2029, which means their key activities are now dominated by execution and regulatory approval. So, how does a traditional utility structure itself to manage this complex interplay of infrastructure modernization, fuel costs, and regulatory rate cases all at once? Dive into the defintely precise Business Model Canvas below to see the nine building blocks that define Alliant Energy's strategy right now.

Alliant Energy Corporation (LNT) - Canvas Business Model: Key Partnerships

You're looking at the essential relationships Alliant Energy Corporation needs to keep its growth engine running, especially with massive new load coming online. These aren't just vendor agreements; these are foundational deals that secure future revenue and regulatory footing. Honestly, the utility business runs on these external dependencies.

The partnerships with large-scale data center operators are now front and center. This isn't speculative; construction is underway. By the time of the Q3 2025 update, Alliant Energy had increased its contracted data center peak demand to 3 gigawatts (GW). This is a major shift from the 2.1 GW contracted as of Q1 2025. The company expects this surge to drive an electric sales growth compound annual growth rate of 9-10% between 2025 and 2030, pushing peak energy demand up 50% by 2030 from its 2024 base of about 6 GW. Key partners include QTS Centers and Google, with physical construction started on 3 such facilities in Iowa and Wisconsin. The QTS agreement in Cedar Rapids, Iowa, involves a planned investment by QTS of $10 billion, noted as the largest investment in Cedar Rapids history. Separately, Meta announced a $1 billion Data Center Investment in Beaver Dam, Wisconsin, as of late 2025.

The relationship with state regulatory commissions, the Iowa Utilities Board (IUB) and the Public Service Commission of Wisconsin (PSCW), is critical for recovering these investments in the rate base. Without their approval, the capital plan stalls. Alliant Energy's $11.5 billion capital expenditure plan for 2025-2028 is designed to support an 11% compound annual growth rate in its rate base plus construction work in progress, growing the total from $15.3 billion in 2024 to a projected $22.9 billion by 2028. The authorized return on equity (ROE) is a key negotiation point; the PSCW settlement filed in September 2025 proposed an authorized ROE of 9.8% for 2026 and 2027. This follows an earlier filing where Alliant sought to increase the ROE from 9.8% to 9.9%. For near-term rate recovery in Wisconsin, the PSCW authorized a WPL electric base rate increase of $60 million for the 2025 test period. In Iowa, IPL proposed electric base rate increases of $160 million for 2024 and $124 million for 2025.

To support its resource transition, Alliant Energy partners with the Midcontinent Independent System Operator (MISO) to ensure grid reliability. The company actively manages capacity requirements, as seen by its Request for Proposals (RFP) in June 2025 seeking binding proposals for Zonal Resource Credits ("ZRCs") for the 2028/29 through 2032/33 Planning Years, with a minimum volume of 25 MW per season or year. MISO's changes to the seasonal capacity construct directly influence Alliant Energy's need for dispatchable generation. For context on existing capacity accreditation, WPL's 2023 MISO summer capacity totaled 3,071 MW, broken down as follows:

Capacity Source	Percentage of 2023 Summer Capacity	MW Equivalent (Approximate)
Natural Gas or Oil	44%	1,308.4 MW
Coal	31%	964.0 MW
Hydro, Solar, and Wind	11%	337.8 MW
Purchased Power	10%	307.1 MW
Energy Demand Management	4%	120.4 MW

Equipment suppliers are crucial for executing the renewable and storage buildout embedded in the capital plan. The 2025-2028 resource investment portion of the capital plan totals $7.7B and targets specific capacity additions. For instance, Alliant completed construction on energy storage projects totaling 175 megawatts (MW) across Grant and Wood Counties. A specific partnership for battery storage involves Energy Dome for the Columbia Energy Storage Project in Wisconsin, featuring a 20MW/200MWh CO2 Battery. This project also secured a competitive award of up to $30 million from the U.S. Department of Energy's Office of Clean Energy Demonstrations. The company plans to own up to an additional 600 MW of solar and 275 MW of battery storage by the end of 2025.

The utility's success in attracting data centers and executing clean energy projects relies heavily on collaboration with local economic development agencies in Iowa and Wisconsin. These agencies help facilitate the necessary local approvals and community buy-in. The company's strategy explicitly aims to scale up new generation resources to enable economic growth and development in both states. The PSCW settlement also includes provisions for piloting new customer offerings and affordability programs, which directly impact local communities. The PSCW settlement, authorized November 6, 2025, included specific residential rate changes, such as the monthly electric bill increase settling at about $6 in 2026 and $8 in 2027 for the average residential customer.

• The 2025-2028 capital plan allocates $7.7B to energy resources, including:
• New Wind capacity planned: ~1,200 MW.
• Energy Storage capacity planned: ~800 MW (safe harbor complete).
• Natural Gas capacity planned: ~1,500 MW.
• Wind refurbishment planned: ~500 MW occurring 2025 through 2028.

Alliant Energy Corporation (LNT) - Canvas Business Model: Key Activities

You're looking at the core engine of Alliant Energy Corporation right now, which is heavily focused on massive, regulated infrastructure investment to handle explosive customer demand growth. Honestly, the key activities are all about deploying capital effectively while keeping the lights on and the gas flowing for existing customers.

Operating and maintaining regulated electric and gas distribution networks remains foundational. Alliant Energy Corporation's utility subsidiaries, Interstate Power and Light Company and Wisconsin Power and Light Company, serve approximately 1,000,000 electric and 430,000 natural gas customers. To support this base and new load, the company forecasts 12% electric sales growth from 2025-30.

The sheer scale of the investment required to meet this growth defines the next major activity. Alliant Energy Corporation is executing the massive $13.4 billion 2026-2029 capital expenditure plan. This forecast represents a 17% increase over the prior plan, driven by new data center demand that is expected to grow peak energy demand by 50% by 2030.

Here's a quick math breakdown of how that $13.4 billion is being allocated across the distribution and generation side for 2026-2029:

Activity Area	Projected Capital Allocation (2026-2029)
Natural Gas Generation	$4.7B (+$1.6B increase)
Energy Storage & Renewables	$4.4B (+$200M increase)
Electric & Gas Distribution, Technology & Other	$4.3B (+$100M increase)

The distribution network specifically gets ~$2.3B for electric distribution and ~$0.5B for gas distribution within that total.

A critical part of that CapEx is developing and constructing new renewable energy generation assets. The clean energy transition is a major focus, with over 40% of the 2025-2028 capital expenditure plan dedicated to wind, solar, and energy storage. You should note the specific targets within the plan:

• 100% of the renewable and energy storage CapEx in the plan is currently safe harbored through 2028.
• Planned additions include approximately 1,000 MW of energy storage, expected in-service from 2026-2028.
• Planned additions include approximately 1,100 MW of new renewables, expected in-service from 2028-2029.
• The company is also refurbishing approximately 600 MW of existing wind farms.

The regulated nature of the business means managing regulatory rate cases and Individual Customer Rates (ICRs) is a constant, high-stakes activity. This ensures the recovery of those massive capital investments. For example, in September 2024, the Iowa Utilities Commission authorized annual base rate increases for IPL totaling $185 million for retail electric and $10 million for retail gas covering the October 2024 through September 2025 period. Also, the Wisconsin Public Service Commission approved a unanimous retail electric and gas rate review settlement covering 2026-2027. Securing the Individual Customer Rates for the data center customers is also key; Iowa ICRs for two Cedar Rapids data centers were approved.

Finally, ensuring system reliability and safety for all customers underpins every decision. The capital plan uplift is explicitly aimed at supporting reliability and aligning new generation with new load. The company is actively working on improving resiliency with more underground electric distribution. The ability of IPL and WPL to earn their authorized rates of return is a key assumption for their 2026 earnings guidance, showing the direct link between operations and financial performance.

Alliant Energy Corporation (LNT) - Canvas Business Model: Key Resources

You're looking at the core assets that power Alliant Energy Corporation's regulated utility model. These aren't just abstract concepts; they are tangible, regulated assets and financial capabilities that underpin every dollar of revenue.

Regulated utility infrastructure across Iowa and Wisconsin represents the backbone. Alliant Energy operates through its two main regulated utilities: Interstate Power and Light Company (IPL) in Iowa and Wisconsin Power and Light Company (WPL) in Wisconsin. As of late 2025, these subsidiaries serve approximately 1 million electric customers and about 425,000 natural gas-only customers across the Midwest. To support growing demand, particularly from data centers, management increased the capital investment plan for the 2026-2029 period to $11.5 billion. This is a significant commitment to the physical network. For instance, IPL serves roughly 500,000 electric customers in Iowa, while WPL serves about 500,000 electric customers in Wisconsin.

The company's commitment to cleaner power is reflected in its owned renewable energy fleet, including wind and solar assets. Alliant Energy is recognized as the fourth-largest regulated wind owner-operator and a Top 5 regulated solar owner-operator in the United States. As of the end of 2024, the company had deployed 1.5 gigawatts (GW) of regulated solar generation, complementing its existing wind resources. Looking forward, the planned capital expenditure for 2026-2029 includes investments in approximately ~1,200 MW of new wind and ~800 MW of energy storage. In 2024, renewable resources comprised about 44% of the energy mix.

A utility's ability to execute massive capital plans hinges on its financial standing, which is why the strong balance sheet supporting investment-grade credit ratings is a key resource. S&P Global Ratings lowered the issuer credit rating on Alliant Energy Corp. (AEC) and IPL to 'BBB+' from 'A-' in March 2025, citing persisting weak financial performance relative to capital spending plans. WPL's rating was lowered to 'A-' from 'A'. The company is targeting a consolidated Funds From Operations (FFO)-to-Debt ratio in the ~13-14% range (S&P) through 2028 to maintain investment-grade status. As of September 2025, total debt stood at $11.9 billion, with cash of $753.0 million, resulting in a net debt of $11.2 billion.

The human capital supporting these operations is a dedicated workforce. While historical figures show fluctuations, Alliant Energy reported a total employee count of 2,998 as of September 30, 2025, with other estimates suggesting approximately 2.5K employees as of October 2025. This team manages the complex generation, transmission, and distribution assets.

Finally, the access to capital markets for debt and equity financing is critical for funding the multi-billion dollar investment plans. The 2025-2028 capital expenditure forecast is set at $13.4 billion, with new debt financing expected to cover 40% of that need. The company is actively managing its debt structure, having recently assigned a 'BBB-' issue-level rating to proposed junior subordinated notes due in 2056 in September 2025. Furthermore, the forward-looking dividend policy supports investor confidence, with a 2026 annual common stock dividend target of $2.14 per share, representing a 5.4% increase over the 2025 target of $2.03 per share.

Here's a quick look at the planned financing mix for the 2025-2028 capital expenditures:

Financing Source	Planned Percentage (2025-2028)
Cash from Operations	35%
New Debt	40%
Tax Credit Monetization	13%
Equity	12%

The company's ability to monetize tax credits is also a key financial lever, with over $300 million of tax credits expected to be generated in 2025.

You should keep an eye on the regulatory environment, as it directly impacts the rate base and the ability to earn authorized returns, which is a core assumption for 2025 and 2026 earnings guidance.

The key operational metrics tied to these resources include:

• Contracted data center demand: 3 gigawatts (GW) as of Q3 2025.
• Forecasted peak energy demand growth by 2030: 50%.
• Projected electric sales growth (2025-2030): 12%.
• WPL authorized electric base rate increase for 2025: approximately $60 million.

Alliant Energy Corporation (LNT) - Canvas Business Model: Value Propositions

You're looking at the core promises Alliant Energy Corporation makes to its customers and investors as of late 2025. These aren't just mission statements; they are backed by concrete capital plans and operational metrics.

Highly reliable and safe delivery of essential electric and natural gas service

Alliant Energy Corporation provides essential electric and natural gas service to its customer base, which includes nearly 1 million electric customers and 425,000 natural gas-only customers across its Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL) subsidiaries. The company positions itself among top performers for reliability, partly through infrastructure hardening efforts like undergrounding, where 28% of lines are underground to support reliability for generations. This focus on physical assets is supported by technology investments, such as the Advance Distribution Management System, aimed at reducing operating expenses through more efficient truck rolls.

Key operational statistics supporting reliability and service include:

• 28% of lines underground for enhanced reliability.
• Serving nearly 1 million electric customers.
• Serving 425,000 natural gas-only customers.

Commitment to clean energy transition, targeting 100% clean by 2050

Alliant Energy Corporation is actively executing its transition away from coal, with stated goals for greenhouse gas (GHG) reductions across its portfolio. The company has specific targets for GHG reductions, aiming for a 50% reduction by 2030 and 100% reduction by 2050, with a goal of being coal-free by 2040. To achieve this, significant capital is being deployed into cleaner resources. For instance, Alliant Energy Corporation completed 1,500 megawatts of solar generation investments in 2024, adding to its existing 1,800 megawatts of wind resources. Furthermore, more than 40% of the updated 2025-2028 capital expenditure plan is dedicated to investments in wind, solar, and energy storage.

The company is also proactively managing the Inflation Reduction Act benefits, having safe harbored 100% of the energy storage projects and 750 megawatts of the 1,200 megawatts of wind in its current plan through 2028 to preserve tax benefits.

Clean Energy Metric	Value/Target	Year
Coal-Free Target	100% Reduction in Coal Generation	2040
GHG Reduction Target	50% Reduction	2030
GHG Reduction Target	100% Reduction	2050
Solar Investments Completed (2024)	1,500 MW	2024
Existing Wind Resources	1,800 MW	Late 2025

Stable, predictable rates derived from a regulated asset base

The regulated nature of Alliant Energy Corporation's utility operations provides a foundation for stable earnings and predictable returns, which helps manage rate impacts for customers. The company's investment strategy is directly tied to growing this asset base. The projected compound annual growth rate (CAGR) for the rate base and investment is 12% for the period spanning 2025 to 2029. This growth is supported by an allowed Return on Equity (ROE) of 10.48%, based on the 2024 rate base average of $4.9 billion. To ensure visibility and minimize lag in cost recovery, the Wisconsin Public Service Commission approved a unanimous retail electric and gas rate review settlement covering 2026-2027.

Enabling significant economic development, like the 3 GW data center load

A major driver of Alliant Energy Corporation's near-term growth is securing large industrial load, particularly from data centers. Contracted data center demand has increased to 3 GW, which management notes implies an industry-leading projected peak energy demand growth of 50% by 2030. This growth is underpinned by a significant capital commitment; the 4-year capital expenditure forecast has been lifted by 17% to $13.4 billion to ensure resources are in place. One specific example is the electric service agreement (ESA) executed for the QTS Madison site, securing 900 megawatts of demand, which is part of a planned $10 billion investment by QTS Centers in Cedar Rapids.

The economic impact is clear in the investment figures:

• Contracted Data Center Demand: 3 GW.
• Projected Peak Demand Growth by 2030: 50%.
• QTS Madison ESA Capacity: 900 MW.
• QTS Planned Investment in Cedar Rapids: $10 billion.
• Increased 2026-2029 Capital Plan: $13.4 billion.

Energy efficiency programs to help customers manage costs

Alliant Energy Corporation offers programs designed to help customers directly manage and reduce their energy usage and costs. A multi-year pilot program studying real-time energy experience and device-specific insights, concluded in 2024, yielded tangible results: 4% total electric savings and a 10% reduction in peak demand for participating households. For commercial and industrial customers, the Strategic Energy Management (SEM) program focuses on instilling an energy-management culture for lasting savings. Specific rebates are also available for equipment upgrades; for instance, in Iowa, customers can receive $50 for recycling an older appliance. For combined heat and power projects, custom rebates can be calculated based on savings metrics like $0.10 per kilowatt-hour saved or $1.00 per therm saved.

Here are concrete examples of customer savings mechanisms:

Program/Incentive	Metric of Savings/Incentive	Value
Household Pilot Program (2024)	Total Electric Savings	4%
Household Pilot Program (2024)	Peak Demand Reduction	10%
Appliance Recycling (Iowa)	Incentive per Appliance	$50
Custom Rebate (CHP)	Per kWh Saved	$0.10
Custom Rebate (CHP)	Per Therm Saved	$1.00

Alliant Energy Corporation (LNT) - Canvas Business Model: Customer Relationships

Alliant Energy Corporation provides regulated energy service to approximately 1,010,000 electric and 430,000 natural gas customers across Iowa and Wisconsin as of the third quarter of 2025. This relationship is non-competitive within defined service territories, governed by state regulatory bodies like the Iowa Utilities Commission (IUC) and the Public Service Commission of Wisconsin (PSC).

Metric	Value (2025 Data)	Source/Context
Total Electric Customers	1,010,000	Q3 2025 Reported Customer Base
Total Natural Gas Customers	430,000	Q3 2025 Reported Customer Base
WPL Authorized Electric Rate Increase (2025 Test Period)	$60 million (annual base rate)	Wisconsin Rate Review Approval
IPL Proposed Electric Rate Increase (2025)	$124 million	Iowa Rate Review Filing Proposal
WPL Proposed Electric Rate Increase (2026)	5.4%	Wisconsin Rate Settlement Agreement
Authorized Return on Equity (Wisconsin)	9.8%	Wisconsin Rate Settlement Agreement

Digital self-service platforms are used for billing and usage monitoring, allowing customers to manage accounts online. Alliant Energy Corporation reserves the right to contact customers who participate in rebate programs for surveys to monitor and evaluate program performance.

Dedicated account management is in place for large commercial and industrial clients. This structure supports large load growth customers, such as the recently executed electric service agreement for 900 megawatts for the QTS Madison site, contributing to an expected 50% increase in peak energy demand by 2030.

Community engagement and local economic development support are executed through the Alliant Energy Foundation and employee volunteerism.

• Total contribution from the Foundation, employees, and retirees in 2024 was nearly $9.3 million.
• Over 80,000 volunteer hours were contributed in 2024.
• The second Community Grant cycle of 2025 awarded over $530,000 to 138 organizations across Iowa and Wisconsin.
• Total grants awarded by the Foundation to date in 2025 are nearly $1.3M with one grant cycle remaining.
• Workforce readiness grants and scholarships in the second 2025 cycle totaled over $348,000.

Alliant Energy Corporation offers energy efficiency and demand response programs, with rebate terms and conditions effective January 1, 2025, through December 31, 2025. The rebate amount will not exceed 50% of the equipment purchase price for qualifying purchases.

Program/Equipment Type	Incentive Amount (Iowa Example)	Applicable Sector
Heating & Cooling Air Source Heat Pump	$225 - $375/unit	Commercial, Industrial
LED Linear Replace Lamp Retrofits	$1.50 - $5/unit	Commercial, Industrial
Geothermal Heat Pumps	$900 - $1,200/unit	Commercial, Industrial
Appliance Recycling (Iowa)	Up to $50 per appliance	Residential/Business

For Wisconsin customers, free energy saving products are available at $0 cost.

The Commercial New Construction (CNC) program provides free energy design assistance for buildings over 3,000 square feet, with design team incentives paid to the building designer or architect to help offset participation costs.

Finance: review Q4 2025 capital expenditure forecast against the increased 4-year forecast of $13.4 billion by next Tuesday.

Alliant Energy Corporation (LNT) - Canvas Business Model: Channels

You're looking at how Alliant Energy Corporation (LNT) gets its energy and services to the people and businesses that need them across Iowa and Wisconsin. It's all about the regulated infrastructure and the digital front door.

Interstate Power and Light Company (IPL) utility subsidiary

The IPL subsidiary is the primary delivery mechanism for Alliant Energy Corporation's services across Iowa. This channel directly serves a substantial customer base through its regulated electric and gas networks.

Here are the key customer metrics for IPL as of the latest reported figures:

• Electric retail customers in Iowa: Approximately 500,000.
• Natural gas customers transported in Iowa: Approximately 230,000.
• IPL contributed 15,540,000 MWh in electric sales in 2024.
• IPL accounted for 64,715,000 Dths in natural gas sales in 2024.

Wisconsin Power and Light Company (WPL) utility subsidiary

WPL handles the delivery channel within Wisconsin, mirroring the structure of IPL but serving the Wisconsin customer base. This utility is regulated by the Public Service Commission of Wisconsin (PSC).

The scale of WPL's customer reach is significant:

Metric	Customer Count (Approximate)	2024 Sales Unit
Electric Retail Customers	500,000	17,489,000 MWh (Electric Sales)
Natural Gas Retail Customers	200,000	102,160,000 Dths (Gas Sales)

Overall, Alliant Energy Corporation provides regulated energy service to approximately 1 million electric customers and 430,000 natural gas customers across both IPL and WPL territories. The company's total assets stood at $22.7 billion at year-end 2024.

Physical electric transmission and distribution grid

The physical grid is the core asset for electric delivery. Alliant Energy Corporation is actively investing in this infrastructure to support growth, especially from large data center customers who now represent 3 gigawatts (GW) of contracted demand.

Capital deployment through these channels is aggressive:

• The 4-year capital expenditure forecast was increased by 17% to $13.4 billion.
• This investment supports a projected rate base and investment Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2029.
• In 2024, the maximum summer peak hour demand was 5,638 megawatts (MW).
• The company is targeting 100% clean energy by 2050, with 44% of energy from renewable resources in 2024.

Natural gas distribution pipelines

Natural gas is moved through distribution pipelines to customers in primarily rural communities across Iowa and Wisconsin. These pipelines are essential for the gas delivery portion of the business, which saw total sales and transportation of 166,875 thousand of dekatherms (Dths) in 2024.

The regulated utility performance drives near-term financial expectations. For 2025, ongoing earnings guidance was narrowed to $3.17 to $3.23 per share, with the company trending toward the upper half of that range based on year-to-date results.

Online customer portals and mobile applications

Digital channels provide self-service access for account management, outage reporting, and usage analysis. Customers use the My Account portal at alliantenergy.com/myaccount for detailed data.

Features available through these digital channels include:

• Access to account balance and ability to pay bills.
• Reporting power outages directly.
• Viewing daily and hourly energy usage history for smart meter customers.
• Using the Energy Analytics tool to download usage data in CSV or XML formats.
• Setting usage alerts for specific consumption thresholds.

The 2025 annual common stock dividend target is set at $2.03 per share, and the 2026 target is $2.14 per share.

Alliant Energy Corporation (LNT) - Canvas Business Model: Customer Segments

You're looking at the core of Alliant Energy Corporation's regulated business, which is fundamentally about serving distinct energy consumption profiles across two Midwestern states. The customer base is segmented by usage type and geography, which directly influences infrastructure investment and rate case strategy.

The residential segment forms the largest volume of individual accounts. As of the third quarter of 2025, Alliant Energy Corporation provides regulated energy service to approximately 1,010,000 electric customers and about 430,000 natural gas customers across its utility subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL).

The business customer base is quite varied. It includes commercial businesses that focus on energy efficiency and cost management, and industrial customers who prioritize reliable power for their extensive operations.

A significant, high-growth segment is the large-scale data centers. Alliant Energy utilities now have 3 gigawatts (GW) of contracted peak demand from data centers. This new demand is substantial, representing a projected 50% increase in peak load demand by 2030 from the 2024 base of approximately 6 GW maximum demand. This data center growth fuels a projected electric sales compound annual growth rate (CAGR) of 9-10% from 2025 through 2030.

Alliant Energy Corporation's service territory is concentrated in the Midwest, specifically serving customers across large portions of Iowa and Wisconsin. The customer distribution between the two main operating companies is nearly balanced for electric service, though gas distribution varies.

Here's a quick look at the customer distribution by subsidiary as of late 2024/early 2025 data:

Segment Detail	Interstate Power and Light (IPL) - Iowa	Wisconsin Power and Light (WPL) - Wisconsin
Retail Electric Customers	Approximately 500,000	Approximately 500,000
Natural Gas Customers	Approximately 230,000	Approximately 200,000

The company also serves wholesale electricity customers in Minnesota, Illinois, and Iowa through IPL, and in Wisconsin through WPL.

You can see the breakdown of the total customer base below:

• Residential electric customers: Largest volume of individual accounts.
• Commercial businesses: Diverse energy needs, focus on efficiency.
• Industrial customers: High-load manufacturing operations.
• Data centers: New high-growth segment with 3 GW contracted demand.
• Geographic concentration: Customers located in Iowa and Wisconsin.

Alliant Energy Corporation (LNT) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Alliant Energy Corporation's operations as of late 2025, which are heavily weighted toward long-term asset investment and the associated financing costs. Honestly, for a regulated utility like Alliant Energy, the cost structure is dominated by the assets needed to keep the lights on and modernize the system.

High capital expenditures (Capex) for grid and generation modernization

Alliant Energy Corporation is executing on significant capital deployment, which forms a major component of its cost base through asset accumulation and future depreciation. The focus is clearly on clean energy and infrastructure resilience, especially given the accelerating data center demand in their service territories.

Here are the key capital investment figures shaping the cost structure:

• The 2026-2029 capital expenditure plan is set at $13.4 billion, focusing on renewables and clean energy.
• The preceding 2025-2028 capital plan was updated to $11.5 billion.
• This investment supports an expected 11% rate-base CAGR through 2028.
• The rate base plus construction work in progress is projected to grow from $15.3 billion at the end of 2024 to $22.9 billion by the end of 2028.
• More than 40% of the 2025-2028 capital expenditure plan is allocated to wind, solar, and energy storage projects.

This aggressive investment pace is reflected in the asset base growth, which you can see mapped out below:

Metric	Value	Period/Year
Total Capital Expenditure Plan	$13.4 billion	2026-2029
Total Capital Expenditure Plan	$11.5 billion	2025-2028
Rate Base + Construction Work in Progress	$22.9 billion	End of 2028 Estimate
Rate Base + Construction Work in Progress	$15.3 billion	End of 2024

Electric production fuel and purchased power costs

Fuel and purchased power are variable costs that fluctuate with energy demand and commodity prices. While specific 2025 fuel cost figures aren't explicitly broken out in the provided snippets, we know that operational expenses, which include these costs, were a factor in recent performance.

For context on the overall scale of operations:

• Alliant Energy Corporation's Total Revenue estimate for full-year 2025 is $4.23 billion.
• Total Operating Expenses for the fiscal year ending 2024 were $3.10 billion.
• In Q3 2025, earnings were impacted by higher generation costs from planned maintenance activities.

Interest expense from debt financing the $13.4 billion investment plan

Financing these massive capital plans requires substantial debt, which directly translates into interest expense. The Q1 2025 funding strategy indicated that 40% of the capital program was planned to come from new debt. The company also executed specific debt actions post-Q1 2025 to support investments, including $600 million in IPL 2035 senior debentures and $500 million in parent 2028 convertibles.

The impact of financing costs is already visible in recent results:

Expense Item	Impact/Amount	Period/Year
Interest Expense	$449 million	Full Year 2024
Financing Expense (Variance)	($0.04) per share negative impact	Q1 2025
Financing Expenses (Variance)	Higher	Q3 2025

You can see that financing costs are a material drag on earnings, even before the full impact of the 2026-2029 plan hits the balance sheet. Higher financing expense was noted as a drag on EPS in both Q1 and Q3 2025.

Operation and maintenance (O&M) expenses, including planned maintenance

Operation and maintenance (O&M) costs cover the day-to-day running of the utility system. These expenses are a core part of the Total Operating Expenses, which were $3.10 billion in 2024.

The most recent data points to upward pressure on these costs:

• Higher operational expenses, specifically increased generation costs from planned maintenance activities, contributed to the Q3 2025 earnings shortfall.
• Total Operating Expenses for the fiscal year ending 2024 were $3.10 billion.

Depreciation expense on a growing asset base

As capital expenditures are placed into service, the corresponding depreciation expense increases, which is a non-cash cost that still impacts reported earnings and cash flow planning. The growth in the asset base directly drives this cost higher.

Here is the historical and recent trend for depreciation:

Metric	Value	Period/Year
Depreciation Expense	$772 million	Full Year 2024
Depreciation Expense (Variance)	($0.06) per share negative impact	Q1 2025
Depreciation Expense (Variance)	Higher	Q1 2025

Higher depreciation expense was explicitly cited as a partial offset to EPS growth in Q1 2025. Finance: draft 13-week cash view by Friday.

Alliant Energy Corporation (LNT) - Canvas Business Model: Revenue Streams

You're looking at the core ways Alliant Energy Corporation generates its top line, which is heavily weighted toward its regulated utility operations in Iowa (IPL) and Wisconsin (WPL). The revenue streams are fundamentally tied to the ability of these subsidiaries to earn their authorized rates of return, which is a key assumption underpinning their 2025 guidance. For instance, drivers for Alliant Energy's 2025 ongoing EPS guidance include the ability of IPL and WPL to earn their authorized rates of return.

The regulated revenue is built on the volume of electricity and natural gas sold, plus the authorized rate increases that flow through to customers. For context on the scale of the utility operations, here's a look at the 2024 sales volumes:

Revenue Component	Subsidiary	2024 Sales Volume	Unit
Electric Sales Revenue	IPL	15,540,000	MWh
Electric Sales Revenue	WPL	17,489,000	MWh
Natural Gas Sales Revenue	IPL	64,715,000	Dths
Natural Gas Sales Revenue	WPL	102,160,000	Dths

The revenue base is also directly supported by regulatory approvals for capital investments. You can see the impact of these revenue requirements in the quarterly results. For example, in the second quarter of 2025, IPL recognized a $0.13 per share increase due to higher revenue requirements from its rate base growth, and WPL recognized a $0.06 per share increase for similar reasons. This is a direct flow-through of authorized cost recovery, so it's a very predictable part of the revenue stream, provided regulatory timelines are met.

Specifically, the authorized base rate increases that support 2025 revenue include:

• IPL Electric: Authorized annual increase of $185 million (covering Oct 2024 - Sep 2025 test period).
• IPL Natural Gas: Authorized annual increase of $10 million (covering Oct 2024 - Sep 2025 test period).
• WPL Electric: Authorized annual increase of $60 million (covering the 2025 forward-looking Test Period).

The third quarter of 2025 results showed that higher EPS was primarily driven by these increased revenue requirements from authorized base rate increases, reflecting ongoing capital investments in solar generation and energy storage. To give you a sense of recent sales activity, retail electric sales for Alliant Energy Corporation in the second quarter of 2025 were 5,926 thousand MWh, down slightly from 5,948 thousand MWh in the second quarter of 2024.

The Non-utility revenue stream, which comes from investments and other operations, is much smaller and more volatile, often showing up as a net loss on a per-share basis when factoring in financing costs. For the first quarter of 2025, Alliant Energy's Non-utility and Parent operations generated a GAAP EPS impact of $(0.08) per share. By the second quarter of 2025, this segment reported a GAAP EPS of ($0.10) per share, which was lower than the ($0.03) per share loss in the second quarter of 2024, primarily due to higher financing expenses and timing of income tax expense.

Alliant Energy Corporation has narrowed its full-year 2025 ongoing EPS guidance to a range of $3.17 to $3.23 per share, with earnings trending toward the upper-half of this range based on results through the third quarter. That guidance is the ultimate financial target derived from these underlying revenue streams. Finance: draft 13-week cash view by Friday.