Alliant Energy’s Q1 2025: Unpacking Contradictions in Load Growth, CapEx, and Long-Term Strategy

Load growth and capacity utilization, CapEx increase and generation resources, equity requirements and funding, load growth and long-term EPS growth, data center opportunity timeline are the key contradictions discussed in Alliant Energy's latest 2025Q1 earnings call.



Earnings and Financial Performance:
- Alliant Energy Corporation reported earnings of $0.83 per share for Q1 2025, surpassing the previous quarter's earnings of $0.62 per share.
- The earnings were ahead of plan, despite negative temperature impacts on electric and gas sales.
- This performance was driven by higher capital investments, temperature impacts on retail electric and gas sales, and the timing of income tax expense.

Capital Expenditure Update:
- The company increased its four-year CapEx plan by approximately $600 million, from 2025 through 2028.
- This update represents a nearly 11% CAGR, with significant energy resource investment opportunities extending beyond 2028.
- The increase is attributed to nearly 26% growth in CapEx from 18 months ago, driven by economic development and growth opportunities.

Data Center Investments:
- Alliant Energy announced major investments in data centers, with three major developments totaling 2.1 gigawatts of demand.
- These developments represent a greater than 30% increase in peak demand.
- The investments are in response to increased economic development and growth opportunities within the company's service territories.

Regulatory and Financial Strategies:
- The company is proactively managing regulatory matters to maintain customer value and competitive rates.
- It has filed various regulatory proceedings to recover investments in reliability, resiliency, and new energy resources.
- Alliant Energy is focused on growing its business while minimizing customer cost impacts through its regulatory constructs.