Alliant Energy Plans $3.13–$3.63B Annual Capex and Raises 2026 EPS Outlook
Alliant Energy’s non-GAAP EPS rose 6% to $3.22 in 2025 from $3.04, supported by rate base increases and a renegotiated data center agreement. The company reaffirmed 2026 EPS guidance of $3.36–$3.46 and outlined $3.13–$3.63 billion annual capex through 2029, including $1.06–$1.50 billion for renewables and storage.
1. 2025 EPS Growth and Drivers
Alliant Energy reported 2025 GAAP EPS of $3.14, up from $2.69 in 2024, and non-GAAP EPS of $3.22, a 6% increase from $3.04. This growth was driven by higher revenue requirements from authorized rate base increases, a renegotiated data center service agreement, and favorable weather impacting net operating income by $11 million.
2. 2026 EPS Guidance
The company affirmed its 2026 non-GAAP EPS guidance at $3.36–$3.46, excluding a $0.05 asset valuation charge and $0.03 deferred tax asset remeasurement. Management highlighted continued execution of its regulated investment plan to support this outlook.
3. Four-Year Capex Plan
Alliant Energy outlined projected annual capital expenditures of $3.13 billion in 2026, rising to $3.58 billion in 2027, $3.63 billion in 2028, and $3.07 billion in 2029. These figures reflect an expanded capital program compared with prior planning periods.
4. Investment Allocation and Strategy
The capex plan allocates $1.06–$1.50 billion annually to renewables and energy storage, peaks gas project spending at $1.52 billion in 2027, and maintains steady investment in electric and gas distribution systems. This strategy aligns with balancing reliability, decarbonization goals, and supporting load growth from large commercial users.