Alliant Energy to Boost Capital Spending After 2025 Profit Growth

Core Insights - Alliant Energy reported a rise in 2025 GAAP EPS to $3.14 from $2.69 in 2024, with ongoing (non-GAAP) EPS increasing to $3.22 from $3.04, indicating a 6% growth. The company has affirmed its 2026 ongoing EPS guidance of $3.36–$3.46 [1] Financial Performance - The increase in earnings was primarily driven by higher revenue requirements linked to authorized rate base increases, reflecting ongoing investments in generation and energy storage. Weather conditions contributed positively, with an estimated $11 million net operating income benefit from weather compared to a $51 million headwind in 2024 [2] Cost Factors - Gains in earnings were partially offset by higher operations and maintenance costs, which included increased generation costs due to planned maintenance and new resource additions. Additionally, depreciation and financing costs rose as the capital program expanded [3] Capital Expenditures - For 2025, ongoing EPS excludes $0.05/share related to an asset valuation charge in the non-utility business and $0.03/share from remeasurement of deferred tax assets due to higher projected utility revenues. The company updated its projected capital expenditures for 2026–2029, with annual totals allocated to renewables and energy storage ranging from approximately $1.06–$1.50 billion per year, and gas projects peaking at $1.52 billion in 2027 [4] Industry Trends - The core earnings engine for regulated utilities remains rate base growth, which involves deploying capital into projects that regulators permit utilities to earn a return on, recovering costs through rates over time. Alliant's focus on renewables, storage, gas, and grid spending aligns with a broader U.S. utility trend of balancing reliability needs with decarbonization goals while preparing for incremental load growth from large commercial users like data centers [5]