Alliant Energy Q2 2026 Earnings Report

Alliant Energy EPS Results

• Actual EPS: $0.65
• Consensus EPS: $0.58
• Beat/Miss: Beat by +$0.07
• One Year Ago EPS: $0.68

Alliant Energy Revenue Results

• Actual Revenue: $971.00 million
• Expected Revenue: $896.94 million
• Beat/Miss: Beat by +$74.06 million
• YoY Revenue Growth: +1.00%

Alliant Energy Announcement Details

• Quarter: Q2 2026
• Date: 7/30/2026
• Time: After Market Closes
• Conference Call Date: Friday, July 31, 2026
• Conference Call Time: 10:00AM ET

Alliant Energy (NASDAQ:LNT) (NASDAQ: LNT) is a publicly traded energy holding company headquartered in Madison, Wisconsin, that provides regulated electric and natural gas utility services in the American Midwest. The company serves customers primarily in Wisconsin and Iowa through its regulated utility subsidiaries and operates as an integrated provider responsible for generation, transmission and distribution of energy to residential, commercial and industrial customers.

Alliant Energy’s core activities include operating and maintaining electric generation assets, managing the regional transmission and distribution network, and delivering natural gas service to its franchise territories. The company has invested in a mix of generation resources and in recent years has expanded development of renewable energy projects and grid modernization efforts aimed at improving reliability and integrating higher levels of wind and solar capacity. In addition to traditional utility operations, Alliant offers customer programs for energy efficiency, demand response and other services that support system planning and customer needs.

As a regulated utility holding company, Alliant Energy is governed by a corporate management team and board of directors and works with state regulators in its service areas on rates, planning and infrastructure projects. The company’s business strategy emphasizes reliable service delivery, investment in infrastructure upgrades and evolving its generation mix in response to market and regulatory trends. Alliant’s operations are positioned around long-standing utility franchises in the Midwest and the company focuses on balancing customer service, regulatory compliance and investments in cleaner energy and grid resilience.

Alliant Energy Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Alliant Energy reported strong second-quarter 2026 results and reaffirmed its full-year earnings guidance, with performance currently trending in the upper half of the range despite milder weather. Temperature-normalized electric sales rose approximately 3% year over year.
• Positive Sentiment: Large-load development continues to accelerate: five executed electric service agreements are expected to drive a 60% increase in demand by 2031, while the pipeline represents 2–4 gigawatts of potential future load. QTS’s Cedar Rapids ramp was accelerated, and initial 300-megawatt energization is anticipated later this year.
• Positive Sentiment: The company maintained its longer-term outlook for at least 7% compound annual earnings growth from 2027–2029, while noting that its third-quarter capital plan update could provide more specific or potentially higher growth targets.
• Neutral Sentiment: Alliant has raised approximately $1.8 billion of the $2.4 billion in common equity needs announced through 2029, effectively addressing equity requirements through 2028, with roughly $500 million remaining thereafter. The company also plans up to $800 million of long-term debt issuance in 2026.
• Positive Sentiment: Capital projects and regulatory approvals are progressing, including construction of the 720-megawatt Bobcat gas facility, the 95-megawatt Rice project, Bent Tree Wind expansion, and Iowa generation and storage projects. Alliant also received approximately $50 million in Department of Energy grants for the Columbia Energy Center and Energy Dome projects.

Presentation

[Operator]

Thank you for holding. Welcome to Alliant Energy's second quarter 2026 earnings conference call. At this time, all lines are in a listen-only mode. Today's conference call is being recorded. I would now like to turn the call over to your host, Susan Gille, investor relations manager at Alliant Energy.

[Susan Gille, Investor Relations Manager at Alliant Energy]

Good morning. Thank you for joining Alliant Energy's second quarter 2026 financial results conference call. Joining me today are Lisa Barton, President and Chief Executive Officer, and Robert Durian, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will have time to take questions from the investment community. Last night, we issued a news release announcing our second quarter 2026 results and reaffirmed 2026 full-year earnings guidance. That release, along with our earnings presentation, will be referenced during today's call and is available on the investor section of our website at alliantenergy.com. Before we begin, please note that today's remarks and responses will include forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described in last night's earnings release and in our filings with the Securities and Exchange Commission.

[Susan Gille, Investor Relations Manager at Alliant Energy]

We disclaim any obligation to update these forward-looking statements. In addition, this presentation contains references to ongoing earnings per share, which is a non-GAAP financial measure. Reconciliations to GAAP results are provided in the earnings release available on our website. At this point, I'll turn the call over to Lisa.

[Lisa Barton, President and CEO at Alliant Energy]

Thank you, Sue. Good morning, everyone. We delivered strong second quarter results and continue to execute well across our business. Despite milder weather during the first six months of the year, we are currently trending in the upper half of our 2026 earnings guidance range while advancing the investments and customer solutions that support our long-term growth strategy. Our strategy is anchored in the Alliant Energy advantage, the ability to align customer growth, constructive regulation, flexible resource planning, and disciplined execution in a way that benefits customers, communities, and share owners. As previously announced, our efforts to date have resulted in an expectation of driving a 60% increase in our demand by 2031 through five executed electric service agreements with large load customers. Three of these large loads are already under active construction with commission-approved contracts. In Cedar Rapids, Iowa, Google has energized their transmission service.

[Lisa Barton, President and CEO at Alliant Energy]

They are anticipating ramping in accordance with a contracted load schedule. Also in Cedar Rapids, QTS continues to make substantial progress on construction of its seven-building data center campus, with initial energization of 300 megawatts anticipated later this year. In Beaver Dam, Wisconsin, Meta has entered the vertical construction phase, with work actively progressing on data center facilities and supporting infrastructure. We are also encouraged by continued progress on future large load opportunities. QTS remains active in development of its second Iowa project in Clinton. We plan to file the ICR for this 900-megawatt project later this year. Our recently signed 370-megawatt data center agreement in Iowa, announced on our Q1 call, marks continued progress on our customer pipeline that currently represents between two and four gigawatts of potential future load.

[Lisa Barton, President and CEO at Alliant Energy]

As always, each of these loads are responsible for their cost of service while helping ensure existing customers benefit from growth opportunities without subsidizing new development. These opportunities are transformational for rural communities, expanding the local tax base, strengthening schools and essential services, enhancing infrastructure, and creating lasting economic growth and prosperity for generations to come. We are prioritizing local collaboration and readiness so our communities are well-positioned to compete for and capture those benefits. A recent study by The Brattle Group reinforces this approach, finding that large new electricity users, such as data centers, can improve affordability for existing customers. That is what our approach is designed to do, ensure large load customers pay their own way while creating opportunities to further reduce costs for existing customers.

[Lisa Barton, President and CEO at Alliant Energy]

It remains a cornerstone of our regulatory filings and demonstrates how disciplined growth can support reliability and long-term value for all customers. Building on the customer benefits generated through last year's fiber conduit lease agreement with Meta, this quarter, we amended our agreement with QTS Cedar Rapids to support accelerated load growth, allowing them to accelerate their load ramp with firm and non-firm transmission. We also remain focused on disciplined financing and have been awarded approximately $50 million of Department of Energy grants for our Columbia Energy Center and Energy Dome projects. These are just a few of the strong examples of the Alliant Energy advantage in action, working collaboratively with customers to support their growth objectives while creating broader benefits for all customers. Across our portfolio, we consistently transform strategic intent into measurable outcomes.

[Lisa Barton, President and CEO at Alliant Energy]

Our team continues to execute exceptionally well across our customer investments while advancing the next generation of investments needed to serve customers and support economic development. In Iowa, we are refreshing our resource plan to support future regulatory filings and ensure our long-term resource plan remains aligned with evolving customer needs. This approach supports base rate stability and predictability for existing IPL retail electric customers through the end of the decade. During the quarter, we made meaningful progress across our generation portfolio, from placing additional generation resources into service to breaking ground on our new gas and wind investments, as well as advancing regulatory approvals. We are building momentum that positions us well for future growth. Robert will provide more detail on these developments in a moment.

[Lisa Barton, President and CEO at Alliant Energy]

Before turning over to Robert, I would like to recognize our employees and especially our line workers following National Line Worker Appreciation Day earlier this month. Recent summer storms and summer heat has once again demonstrated the critical role our field and generation teams play in safely restoring service and supporting our customers when they need us most. Their commitment to safety, reliability, and operational excellence reflects the values that define Alliant Energy. I'll close with a recent milestone our team is proud of. In the recent J.D. Power study of Midwest large utility providers, we ranked number one in power reliability and safety. On behalf of the management team, we thank our employees who work tirelessly each day to provide the energy our customers and communities count on, fueling the economic engine of our communities. With that, I'll turn the call over to Robert.

[Robert Durian, EVP and CFO at Alliant Energy]

Thank you, Lisa, and good morning, everyone. Yesterday, we reported strong second quarter 2026 GAAP earnings of $0.65 per share. As shown on slide five, the year-over-year change in ongoing earnings was primarily driven by higher revenue requirements associated with capital investments across our Iowa and Wisconsin utilities, along with increased equity earnings from corporate venture fund investments and higher temperature normalized retail electric and gas sales. These positive drivers were offset by higher operations and maintenance expenses related to the growth of our business, impacts of milder temperatures on electric and gas sales, timing of income tax expense, and higher financing and depreciation costs. Milder than normal temperatures reduced second quarter electric and gas margins by approximately $0.03 per share compared to a $0.02 benefit in the same period last year.

[Robert Durian, EVP and CFO at Alliant Energy]

Excluding the impacts of temperatures, second quarter electric sales were approximately 3% higher year-over-year, reflecting continued strength from Wisconsin commercial and industrial customers, particularly within the food processing and manufacturing sectors. We are starting to see increases from the initial phase of the expected data center loads ramping in Iowa. Strong execution across our business gives us confidence with our 2026 earnings guidance range, despite impacts at our two utilities from milder temperatures in the first half of the year. In addition, corporate venture fund investments in our non-utility business are expected to provide incremental earnings this year. Accordingly, we are reaffirming our 2026 earnings guidance range and are currently trending in the upper half of the range. Key assumptions supporting our 2026 outlook are summarized on slide six. Our longer-term earnings outlook remains intact.

[Robert Durian, EVP and CFO at Alliant Energy]

Based on our current plan, we expect compound annual earnings growth across 2027 through 2029 to be 7%+. We will continue to assess our long-term earnings growth potential as we execute our data center expansion and update our capital expenditure and financing plans on the third quarter earnings call. Turning to financing, slide seven outlines our remaining 2026 debt financing plans, which include up to $800 million of long-term issuances, consisting of up to $300 million at WPL and up to $500 million at IPL. As a reminder, our four-year capital investment plan is supported by a balanced financing strategy that includes cash generated from operations, proceeds from tax credit monetization, and new financings, including debt, hybrid instruments, and common equity. As shown on slide eight, we have made significant progress in the second quarter with proactively addressing our stated equity needs.

[Robert Durian, EVP and CFO at Alliant Energy]

Of the approximately $2.4 billion of announced common equity needs through 2029, we have already raised approximately $1.8 billion through forward equity agreements. These actions effectively address our stated equity needs through 2028 and leave approximately $500 million of remaining equity to be raised through 2029, excluding equity expected to be raised under our share direct plan. Our financing plan, together with our proactive execution to date, provides meaningful flexibility to support the efficient implementation of our strategy. Turning to regulatory matters, our regulatory agenda remains closely aligned with our capital investment strategy and the growing needs of our customers. During the quarter, we made significant progress advancing projects that support both reliability and economic development across our service territories. Our recent regulatory advancements and active filings are shown on slide nine.

[Robert Durian, EVP and CFO at Alliant Energy]

In Wisconsin, we recently received approval of our individual customer rate agreement, supporting Meta's data center development in Beaver Dam. In response to that order, we expect to file a broader large load tariff later this quarter. We also received written approval for the expansion of our Bent Tree Wind Farm, adding approximately 150 megawatts of renewable generation and have now advanced that project into construction. In Iowa, we continue to advance the energy resource investments included in our long-term capital plan. During the quarter, we filed generation certificates for the 720-megawatt Morgan Valley and the 1.2-gigawatt River Hawk simple-cycle natural gas projects, and a generation certificate for an energy storage project totaling approximately 125 megawatts. From a project execution perspective, our storage, wind repowering, and generation enhancement projects remain on schedule. We recently placed into service the final two generation enhancement projects at Neenah and Sheboygan.

[Robert Durian, EVP and CFO at Alliant Energy]

These projects allow us to efficiently unlock an additional 260 megawatts of near-term capacity from existing assets while enhancing customer value. We also recently started construction activities on the Bobcat Energy Center, a 720-megawatt simple-cycle natural gas project in Marshalltown, Iowa, and the 95-megawatt Rice project in Burlington, Iowa. Later this year, we anticipate further filings to support customer growth, including an individual customer rate application associated with QTS's Clinton data center in Iowa and our recently announced 370-megawatt electric supply agreement. Our focus on execution positions us well to deliver sector-leading growth, help our customers and communities grow and thrive, and create long-term value for customers and shareholders. Thank you for your continued interest in Alliant Energy. We look forward to speaking with many of you over the coming months. Operator, please open the line for questions.

[Operator]

Thank you, Mr. Durian. At this time, the company will open up the call to questions from members of the investment community. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from Shar Pourreza with Wells Fargo. Your line is open. Please go ahead.

[Shar Pourreza, Analyst at Wells Fargo]

Hey, guys. Good morning.

[Lisa Barton, President and CEO at Alliant Energy]

Good morning.

[Shar Pourreza, Analyst at Wells Fargo]

Morning. Lisa, Iowa's been kind of this growth story for you guys. It's been a pretty good hedge against some of the Wisconsin noise, now you're seeing both Republican and Democratic candidates have been somewhat more guarded around data center developments in their comments. Iowa's getting a little bit noisier than people would've thought. They're not calling for a statewide moratorium, can we get your latest thoughts around the political backdrop in the state? It's getting noisier than I think a lot of people would've thought. Just the lay of the land would be great.

[Lisa Barton, President and CEO at Alliant Energy]

Sure. While it's always disappointing that some PJM narratives are being repeated more broadly, we tend to see this more from an election standpoint. Look, the math is self-explanatory. By growing, we're able to keep rates flat in Iowa, and the more we grow, the longer we can do that, quite frankly. I think it's important when you're thinking about moratoriums and hearing about them, one, these are big states. Rest assured that whether it be ordinances or moratoriums that we're seeing, they're not impacting our projects nor our pipeline. I'll also say that there's not a one size fits all when it comes to moratoriums. The language really matters. One of the things that we're really excited to see is that the data centers are really focusing on transparency. They're having early conversations with communities, making them feel more comfortable.

[Lisa Barton, President and CEO at Alliant Energy]

It's something we're focusing on as well, whether it be open houses for generation or just being there and available to answer questions that they have with respect to data centers. I tell you, one of the things that I just love hearing is the fact that we'll get some phone calls from communities saying, "Hey, how do we get a data center in our backyard?" That just, to me, shows that Iowa remains and will continue to remain open for business.

[Shar Pourreza, Analyst at Wells Fargo]

Got it. Political rhetoric is rhetoric. Okay. Appreciate that. Then obviously you guys are seeing good growth across the footprints and you've got new generation, you've signed 370 megawatts ESA, which is in the plan. You have another 3.4 gigs out there. It sounds like from Robert's comments that you're going to revisit the CAGR. I guess, as we're thinking about it, are you married to the plus, or could we get back into a range, albeit higher? Obviously, we have to account for the lumpiness of the projects and this being kind of a politically sensitive year, but I guess how are you sort of thinking about how you would guide? In the third quarter.

[Robert Durian, EVP and CFO at Alliant Energy]

Great question, Shar. We're looking forward to sharing more information in the third quarter call. As part of that process is typical for us, we'll update our four to five-year capital expenditure plan, and that will really drive kind of our confidence level with how we might be able to change the EPS CAGR going forward. More to come on that in the future. We're evaluating, probably wanting to probably provide more transparency is how we characterize more details in the future. Historically, when we were going into last year, we wanted to use the plus to give us a little more flexibility, but I think we'll have more confidence when we get to the third quarter and provide a little more specificity, if that'll help the investors.

[Shar Pourreza, Analyst at Wells Fargo]

Got it. Not to lead the witness, it sounds like it'll go back into a range at some form.

[Robert Durian, EVP and CFO at Alliant Energy]

Yeah. More specificity, yeah, whether it's a range or more specific targets for each year. As you indicated, there is-

[Shar Pourreza, Analyst at Wells Fargo]

Okay

[Robert Durian, EVP and CFO at Alliant Energy]

Some lumpiness to it in the sense of, if you look at our capital- expenditures on an annual basis, there'll be some years that are higher than others, and that could drive some of the earnings higher than the others.

[Shar Pourreza, Analyst at Wells Fargo]

Okay. Perfect. That answers it. Thank you, guys. Appreciate it.

[Lisa Barton, President and CEO at Alliant Energy]

Thank you, Shar.

[Operator]

Your next question comes from the line of Stephen D'Ambrisi with RBC Capital Markets. Your line is open. Please go ahead.

[Lisa Barton, President and CEO at Alliant Energy]

Morning, Stephen.

[Stephen D'Ambrisi, Analyst at RBC Capital Markets]

Hi. Good morning. Thanks very much. Good morning. How are you? Thanks very much for taking my question. Just had a quick one on the QTS amendments and the ramp. Can you just speak a little bit to kind of either what that means from a financial plan perspective or a shaping of capital deployment perspective or like a staff perspective? There's a lot of questions in there. I guess the way we've been thinking about it is maybe you'd be utilizing tax credits a little more upfront, and then the load ramps in later and allows you to earn your returns on higher invested capital balances. Just wondering if this increased accelerated load ramp, how that changes the financial plan.

[Lisa Barton, President and CEO at Alliant Energy]

Thanks, Stephen. I'm going to talk to a couple of things that I'm incredibly proud of with respect to our team. We've been consistent in our approach in making sure that we're targeting near-term growth opportunities and being able to accommodate an accelerated load ramp with QTS is something that makes sure that our communities see the benefits sooner from a property tax standpoint, other customers see the benefit, and shareholders as well. I'll turn it over to Robert to kind of walk through some of the more details with respect to your question.

[Robert Durian, EVP and CFO at Alliant Energy]

Yeah, Stephen, I'd think about it. Our CapEx plan is aligned with the ramp rates right now, I wouldn't expect much of a change there for CapEx. We are expecting to have higher revenues, specifically in the years 2027 and 2028. What that really does for us, it really helps our existing customers in the sense of allows us to not use as many tax credits through the kind of the growth phase of our business here and could potentially translate into helping us to stay out over a longer period of time.

[Lisa Barton, President and CEO at Alliant Energy]

Just a data point, QTS, as of today, has got over 40 megawatts worth of load, which is great to see.

[Stephen D'Ambrisi, Analyst at RBC Capital Markets]

That's awesome. Thanks, Lisa and Robert. Just a follow-up on that. Can you talk a little bit about discussions around expansion of the existing customers in Iowa? Like obviously you have the 900 megawatts at ICR that you're filing at QTS 2, but if QTS 1 or Google and Cedar Rapids have existing extra acreage they could potentially expand into or any thoughts on that.

[Lisa Barton, President and CEO at Alliant Energy]

When you think about the two to four that we talk about with respect to the plan, we're super excited that we had, even though we announced the two to four not less than a year ago, that we're able to announce 370 megawatts worth of additional load growth. Conversations are all of the above. New sites, existing sites, all of that. We're, of course, not able to share that at this time, but just stay tuned with respect to our third quarter update, which will have any load, whether it be load accelerations or new load growth opportunities reflected in the resource plan and our CapEx plan.

[Stephen D'Ambrisi, Analyst at RBC Capital Markets]

Great. Thanks very much. Really appreciate it. Thanks, Lisa. Thanks, Robert.

[Operator]

Your next question comes from the line of Andrew Weisel with Scotiabank. Your line is open. Please go ahead.

[Lisa Barton, President and CEO at Alliant Energy]

Morning, Andrew.

[Andrew Weisel, Analyst at Scotiabank]

Hey. Good morning, everyone. First question, just if I could elaborate on Shar's a little bit and get more specific. Can you talk about the status of the Linn County data center moratorium? How does that work with the city of Cedar Rapids and your projects there? Would they be impacted? Or if they were to expand, might they be affected? If so, would that depend on the timing of announcements or construction? How would that all work?

[Lisa Barton, President and CEO at Alliant Energy]

No impact. It's the unincorporated area of Linn County. It has no impact on the data center growth opportunity. In fact, I don't think we can have a better advocate out there, with Mayor Tiffany O'Donnell. If you follow any of her feeds, she's got an active podcast and so forth. She continues to call out the benefits that they are seeing real time in Cedar Rapids tied to these data centers.

[Andrew Weisel, Analyst at Scotiabank]

Terrific. That's what we thought. Just wanted to excuse me, ask about the load growth forecast. From the slides, it looks like you're taking up the numbers for 2026, now 2%-3% from 1% previously. Is that a function of data centers ramping up faster than expected or better growth from the rest of the customer base? Is that going to bode well for 2027 and beyond, or is that more of a near-term positive that might not be sustainable? Similarly on the O&M side, that number went up by a percentage point as well. With a comment that it's weighted to the first half. Is that one-time expenses that have already happened, or is that more of a higher run rate due to inflation or whatever?

[Robert Durian, EVP and CFO at Alliant Energy]

Yeah, great questions, Andrew. Think of the sales as probably higher than expected for us. We're seeing some positive developments, not only with the data centers going a little bit faster than we expected originally here, so we see some uplift there, but also just our core business. When you think about all the other businesses throughout our service territory seem to be doing better than we originally expected. I don't think that's temporary. I think that's probably more of a function of what we're seeing as far as ongoing economic impacts. Some of that we would actually attribute to the data center developments themselves, specifically in the city of Cedar Rapids. It's driving a lot of economic benefits when you think about all the construction workers there.

[Robert Durian, EVP and CFO at Alliant Energy]

We have two projects right now underway, one for QTS and one for Google, they have in excess of 10,000 workers in that city. If you think about the size of that city of roughly 150,000 in population, it's got a pretty big impact. That's driving more hotel usage, more restaurant usage, and other things. We're seeing some of the ancillary benefits of some of that data center development activities that we're looking forward to spreading throughout other parts of the state and into Wisconsin as well. Specifically related to your O&M question, yeah, as we continue to manage the business, as we're seeing higher, what I'd say, temperature normalized sales, that gives us an opportunity to continue to invest in the business. We're investing in generation energy delivery.

[Robert Durian, EVP and CFO at Alliant Energy]

We want to make sure that we have a very reliable system for our customers, we're making sure we're making prudent investments to make sure that that happens. We had kind of expected that we were going to have a little bit higher expenses in the first half of the year. Some of that's related to things like the timing of generation outages. All in all, I'd say, the first half of the year is pretty much what we had expected. The second half will be a little bit lighter. We may see if we continue to have some higher retail sales, continued investments in the business to make sure we, like I said, focus on that reliability and customer service.

[Andrew Weisel, Analyst at Scotiabank]

That's great. It's essentially pulling forward some of these expenses and increasing a good situation to be in. Just to clarify, the construction workers and the benefits from them, should they be expected to continue to be there in line with the load ramps that you detail in slide four there, like through 2028, 2029, 2030?

[Lisa Barton, President and CEO at Alliant Energy]

They're there for quite some time. Exactly. There's just a lot of development that's being undertaken. You think about, I'll just use QTS as an example, their seven-building campus. They're doing one building, then the next building, so forth, they're really moving at a very quick pace. We're glad we could accommodate.

[Andrew Weisel, Analyst at Scotiabank]

Great. With potentially more to come if you secure more of the 2-4 gigawatts, and then some, potentially. Okay. Terrific. Thank you so much.

[Lisa Barton, President and CEO at Alliant Energy]

Old place for development, quite frankly. We've seen this at other locations in Iowa, even.

[Operator]

Your next question comes from Nicholas Campanella with Barclays. Your line is open. Please go ahead.

[Lisa Barton, President and CEO at Alliant Energy]

Good morning, Nick.

[Nicholas Campanella, Analyst at Barclays]

Hey, good morning. Thanks for all the updates today. Appreciate it. I just wanted to come back to the kind of the magnitude and the potential of what could come on the third quarter plan. You have the 2-4 gigawatts out there. Is there any way to understand realistically, within that, what you have visibility to? Is it more about just increasing the load ramps that you currently have, a couple hundred megawatts, or extending those counterparty contracts a couple hundred megawatts? Do you have visibility to some kind of larger one gigawatt deals within that, just as we kind of consider the back half of the year, which is clearly going really well. Thanks.

[Lisa Barton, President and CEO at Alliant Energy]

Yeah. That is a wait-and-see. We'll announce with respect to the resource plan. Just keep in mind, when we have these discussions with these large load customers, we need to sit there and make sure that they have their load ramp in place, that they've got land control. We're loving the fact that they're investing time with the communities to bring them up to speed so that there are no surprises, because quite frankly, that's very consistent with our approach on making sure we're taking the risk out. That risk, it's been consistent with our approach, making sure that we're not relying on long lead time transmission and so forth. We continue to see inbounds with respect to interest in the state. We're feeling very positive about the economic development efforts that we have underway. You'll get clarity when we have this resource plan buckled up.

[Nicholas Campanella, Analyst at Barclays]

Okay. No, I appreciate that. I know you talked about it a little there too, you're trying to match the supply with new large loads and make sure you're out there sourcing the right equipment. Just can you kind of talk about the state of supply chain and do you have better visibility first quarter? Is it the same? How to think about that?

[Lisa Barton, President and CEO at Alliant Energy]

Sure. These discussions are not new discussions. We have the opportunity to figure out not only with our transmission partners what's needed in terms of the timing of necessary transmission upgrades, but also what's necessary on the generation side. That's just something we do all the time. That's our business. We issue RFPs and things like that to make sure that we've got access to generation. We feel very confident in our ability to meet the needs of our customers and communities as we expand.

[Nicholas Campanella, Analyst at Barclays]

Just one more, if I could just. Your peer in Wisconsin with their own VLC, there's just been heightened credit requirements being circulated in the state. I'm just wondering if that has any impact to how you guys view the potential for new sites in the state and just, I guess, the total addressable market there and, if that's causing it, all discussions to pivot increasingly towards Iowa. Thank you.

[Lisa Barton, President and CEO at Alliant Energy]

Yeah, great question. With respect to tariff, you've seen that a number of utilities have filed tariffs. We will be filing a tariff in Wisconsin later this year. Ours will very much be aligned with Xcel's. We see that benefits associated with a slice of system approach. With respect to the credit impacts and so forth, I think it's really important from an economic development standpoint to recognize that it applies to all large loads, right? Large manufacturers and so forth. I think it's appropriate that the commission and the state take a measured approach with respect to credit requirements and so forth. I will say this, we have a track record of having very high quality counterparties. We're not seeing this adversely impact our growth trajectory at all.

[Nicholas Campanella, Analyst at Barclays]

Very fair. Thank you very much.

[Operator]

Your next question comes from Julien Dumoulin-Smith with Jefferies. Your line is open. Please go ahead.

[Lisa Barton, President and CEO at Alliant Energy]

Hey, Julien.

[James Thalacker, Analyst at Jefferies]

Hi, team. This is actually James Thalacker on for Julien. Good morning. At the risk of being repetitive here on the data center conversation, in terms of the funnel or the pipeline opportunities, you guys have arguably one of the more disciplined approaches in the sector. Just ahead of this 3Q update, gauging your comfort with some of the outer parts of the pipeline and whether there might be a higher threshold for future projects to reach for them to be integrated within the disclosed funnel. Just how should we think about on the ground, the outer parts of that pipeline?

[Lisa Barton, President and CEO at Alliant Energy]

Great question. We continue to see a robust level of inbound calls. We like our disciplined approach. We have not changed it from how we talked about it last year. We want to make sure that our data centers have land control. We want to make sure that they've got the load ramp. We want to make sure that the transmission studies are either in progress and pretty far along or completed. We want to make sure that we've got a line of sight with respect to the generation. Again, going back to what I said earlier, just really excited that the data centers are spending a little bit more time with the communities, that the communities are asking questions. Even the ordinances and so forth that you're seeing in place, it's giving them flexibility.

[Lisa Barton, President and CEO at Alliant Energy]

It's allowing them to zone for data centers, and all of that, I think, is just a great early indicator of Iowa continuing to be open for business.

[James Thalacker, Analyst at Jefferies]

Great. Thank you. Maybe switching gears here, on the slides you call out FERC's policy decision on the self-funded network upgrades as a potential watch item. Can you maybe just remind us of the potential net benefit to Alliant here, whether it be in spend or in ease of customer activity if this decision goes your way? Just help us size the potential benefits of this.

[Robert Durian, EVP and CFO at Alliant Energy]

Yeah, I'd say that's an item that we continue to monitor. Obviously, we're awaiting a decision before we know what the potential full implications of that are. There is quite a few projects that we're building right now from a generation standpoint that will require some transmission upgrades that could provide us the opportunity, if we so choose, to invest in those for ourselves. We see that as a potential opportunity for not only additional CapEx, but it could provide some customer benefits as a result of our cost of capital being slightly lower than what we see with the transmission company. I think that would be a win-win for both our investors and our customers if that were to come about.

[James Thalacker, Analyst at Jefferies]

Great. Thank you very much.

[Operator]

Your next question comes from the line of Paul Fremont with Ladenburg. Your line is open. Please go ahead.

[Lisa Barton, President and CEO at Alliant Energy]

Good morning, Paul.

[Paul Fremont, Analyst at Ladenburg]

Good morning. I was hoping you would talk a little bit about some of the recent changes in the Wisconsin governor race. Mandela Barnes just dropped out. If you could maybe summarize the positions of Hong versus Tom on their views of data center development in the state. Hong seems very much in the camp of wanting a statewide moratorium.

[Lisa Barton, President and CEO at Alliant Energy]

Yeah, good question. It's a very active political landscape here in Wisconsin, and quite frankly, the state has always enjoyed a practical and pragmatic approach, with respect to really pretty much everything in the state. It is disappointing that there's some narratives that I do think play very well in PJM and may be more true in PJM. I tell you, the math is self-explanatory. The Brattle Group reinforced that our approach makes sense, and we'll continue to use this as an opportunity to speak with all candidates on this topic. I think once we get through the primaries and see who comes out of that's just another great opportunity for us to educate folks on what we're doing, why we're doing it, and provide the details, because it's the details that matter. With respect to working with either Republicans or Democrats, again, that's what we do.

[Lisa Barton, President and CEO at Alliant Energy]

That's in our DNA, we look forward to having those more detailed opportunities.

[Paul Fremont, Analyst at Ladenburg]

Would you say at this point that the likelihood of new data center development in Wisconsin is much, much lower than potential new announcements in Iowa?

[Lisa Barton, President and CEO at Alliant Energy]

No, I don't think so. Like I mentioned earlier, Paul, the moratoriums and ordinances that you've seen, they're not impacting our projects or our pipeline. What we've always mentioned is that we have more land mass in Iowa. It's, from a service territory standpoint, a larger state.

[Paul Fremont, Analyst at Ladenburg]

I think in the past, you've talked about a potential stay out through at least the period where you have a GRC rate freeze in effect. How much additional sort of runway does the QTS ramp-up provide you with? Is it like a year, or how can we sort of put that into perspective in terms of adding to your stay out?

[Robert Durian, EVP and CFO at Alliant Energy]

Yeah, Paul, good question. As a reminder for folks, we have a commitment to stay out of rate reviews in Iowa for our retail electric business through 2029. We really are focused right now on trying to add more data centers and trying to accelerate load. The combination of that two could give us an opportunity to stay out even longer. We think that's the right thing to do for our customers and our communities, we're going to focus on that. It'll largely depend on how many additional data centers we sign up. Probably more so than what I would consider the ramping. If we can add several hundred megawatts more of data centers in multiple different examples, we could see an opportunity to potentially go beyond 2029 into the future.

[Lisa Barton, President and CEO at Alliant Energy]

The one thing that I just want to note is, in Iowa, I don't think there's another state in the country that can say for five years, 0% rate increases. That's something that we also help drives additional economic development.

[Paul Fremont, Analyst at Ladenburg]

Last question from me. Sort of the treasury modifications on repairs deductions, does that have any impact on you in terms of your cash flows?

[Robert Durian, EVP and CFO at Alliant Energy]

Yeah, I don't know if you're referring to the AMT implications. We're not in AMT.

[Paul Fremont, Analyst at Ladenburg]

Yes.

[Robert Durian, EVP and CFO at Alliant Energy]

It's not having any impact on us. We obviously continue to have opportunities with repairs, and we try and maximize those for the benefit of our customers. We're fortunate that we're small enough that we don't have to worry about the AMT issues.

[Paul Fremont, Analyst at Ladenburg]

Great. Thank you very much.

[Operator]

Ms. Gille, there are no further questions at this time.

[Susan Gille, Investor Relations Manager at Alliant Energy]

With no more questions, this concludes our call. A replay will be available on our investor website. Thank you for your continued support of Alliant Energy, and feel free to contact me with any follow-up questions.

[Operator]

This concludes today's call.

Participants

Executives

• Susan Gille, Investor Relations Manager
• Lisa Barton, President and CEO
• Robert Durian, EVP and CFO

Analysts

• Shar Pourreza, Analyst at Wells Fargo
• Stephen D'Ambrisi, Analyst at RBC Capital Markets
• Andrew Weisel, Analyst at Scotiabank
• Nicholas Campanella, Analyst at Barclays
• James Thalacker, Analyst at Jefferies
• Paul Fremont, Analyst at Ladenburg