What Alliant Energy does

Alliant Energy Corporation (NASDAQ: LNT) is a regulated investor-owned public utility holding company headquartered in Madison, Wisconsin, serving approximately 1 million electric and 430,000 natural gas retail customers across Iowa and Wisconsin through two wholly-owned operating subsidiaries: Interstate Power and Light Company (IPL) in Iowa and Wisconsin Power and Light Company (WPL) in Wisconsin. The company operates a diversified generation portfolio spanning coal, natural gas, wind, solar, hydropower, and battery energy storage across 33.8 million MWh of annual electric generation and 5,465 MW of peak demand, with utility-scale battery storage deployments (700 MWh) co-located with solar generation and a pioneering CO2 battery long-duration storage project through its Energy Dome partnership.

The company generates revenue primarily through regulated transmission and distribution tariffs approved by the Iowa Utilities Commission and Public Service Commission of Wisconsin, with a rate base approaching $25 billion in total assets at year-end 2025. Alliant Energy is executing a $13.4 billion capital investment program for 2026-2029 and has secured approximately 3.4 GW of contracted data center demand through Electric Service Agreements with hyperscalers including QTS ($10 billion Cedar Rapids campus), Google ($7 billion Iowa investment), and Meta ($1 billion Beaver Dam campus). The company operates approximately 53,500 square miles of exclusive service territory and employs 2,948 people.

Alliant Energy has maintained 322 consecutive quarters of dividend payments since 1946 and 22 consecutive years of dividend increases. Beyond regulated utilities, the company operates non-regulated businesses including Travero (logistics), which sold its Logistics Park Dubuque asset to LOGISTEC in March 2026. The company funds its capital program through a mix of green bonds, senior unsecured notes, junior subordinated notes, term loans, and equity distributions, with a 40% debt-to-capital ratio target. Recent recognition includes Top Utility in Economic Development awards from Site Selection Magazine (2025) and Business Facilities (2026).

Name

Alliant Energy

Legal name

Alliant Energy Corporation

Website

https://alliantenergy.com

Company type

Public

Founded year

1900

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Alliant Energy Corporation is a regulated investor-owned utility holding company serving approximately 1 million electric and 430,000 natural gas customers across Iowa and Wisconsin through its IPL and WPL subsidiaries, with a $13.4 billion capital program and 3.4 GW of contracted data center demand from hyperscalers including QTS, Google, and Meta.

Ownership category

akta.pro rank

Product category

Electric and Natural Gas Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Investor-Owned Electric Distribution Utilities (IOUs) (EUADABAA)

akta.pro secondary industries

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI), High-Voltage Electrical Systems (Switchgear, Transformers, Protection & Control) (EUAEAFAA), Utility-Scale BESS EPC & Integration (EUAEAEAA)

Keywords

• Regulated electric utility
• Natural gas distribution
• Electricity generation
• Renewable energy
• Utility-scale battery storage

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Others

Revenue model

1. Electricity Distribution and Transmission: Alliant Energy generates revenue primarily through the regulated transmission and distribution of electricity to approximately 1 million retail electric customers across Iowa and Wisconsin. Revenue requirements are determined through rate cases with state regulatory commissions (Iowa Utilities Commission for IPL and Public Service Commission of Wisconsin for WPL). The company benefits from authorized rate base growth driven by capital investments in generation and energy storage.
2. Natural Gas Distribution and Transportation: The company transports and distributes natural gas to approximately 433,000 natural gas retail customers across Iowa and Wisconsin. Revenue is generated through regulated tariff rates approved by state utility commissions.
3. Data Center Electric Service Agreements: Alliant Energy has signed multiple long-term Electric Service Agreements with hyperscaler data center customers totaling approximately 3.4 gigawatts of contracted demand. These agreements provide contracted revenue streams to support the company's capital investment program. New agreements include a 370 MW electric service agreement in Iowa.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Alliant Energy is a regulated investor-owned public utility holding company that generates, transmits, and distributes electricity to approximately 1 million retail electric customers and transports natural gas to approximately 430,000 customers across Iowa and Wisconsin. It operates through two core regulated subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), using a diversified generation portfolio of coal, natural gas, wind, solar, hydropower, and battery storage assets. Beyond regulated utility service, the company supplies hyperscale data centers under long-term Electric Service Agreements and offers community solar, demand response, and energy efficiency programs.

Product overview

Alliant Energy is a regulated utility holding company operating through two primary energy subsidiaries: Interstate Power and Light Company (IPL) serving approximately 500,000 electric and 230,000 gas customers in Iowa, and Wisconsin Power and Light Company (WPL) serving approximately 500,000 electric and 200,000 gas customers in Wisconsin. The company delivers electricity and natural gas to over 1 million customers across a 53,500 square mile service territory. Beyond regulated utilities, Alliant Energy operates non-regulated businesses including Travero (logistics) and maintains customer-facing digital platforms like My Account and PowerHouse TV. The company is executing a major capital investment program ($13.4 billion through 2029) focused on renewable energy expansion, grid modernization, and data center partnerships with major hyperscalers including QTS, Google, and Meta. Key product offerings include community solar programs, renewable energy partner solutions, demand response (Smart Hours), and specialized rate structures for large energy users. The Alliant Energy Foundation provides philanthropic support to communities served.

Differentiator

Problem solved

Functional benefit

Brands

• PowerHouse: Award-winning educational program designed to help customers improve the energy efficiency, safety and comfort of their homes.
• Alliant Energy Foundation

Products and services

• Interstate Power and Light Company (IPL) Electricity Service Regulated retail electric service provided by Interstate Power and Light Company to approximately 500,000 retail electric customers in Iowa, with rates approved by the Iowa Utilities Commission. New rates took effect October 1, 2024 in Iowa.
• Wisconsin Power and Light Company (WPL) Electricity Service Regulated retail electric service provided by Wisconsin Power and Light Company to approximately 500,000 electric retail customers in Wisconsin, with rates approved by the Public Service Commission of Wisconsin.
• Natural Gas Distribution Service Regulated transportation and distribution of natural gas to approximately 230,000 natural gas customers in Iowa (via IPL) and 200,000 natural gas customers in Wisconsin (via WPL), totaling 430,000 customers.
• Large Energy User and Data Center Electric Service Agreements Specialized electric service for hyperscale data centers and large industrial loads (100+ MW), with dedicated substations, transmission infrastructure, and custom rate structures. Approximately 3.4 gigawatts of contracted demand across five executed agreements, including 220 MW over 10 years with Meta.
• Alliant Energy Community Solar Program allowing customers to purchase blocks of a solar garden and receive monthly bill credits based on actual electricity production, enabling solar access without installing panels on their property.
• Renewable Energy Partner Program Program where Alliant Energy builds, owns, and maintains a dedicated solar site on behalf of business customers, who purchase the energy generated at a contracted rate.
• Smart Hours Demand Response Program Demand response program where customers with qualified smart devices earn rewards for reducing energy usage during peak demand periods, helping manage grid reliability.
• Alliant Energy Marketplace Online marketplace offering energy-efficient products at discounted prices including LEDs, smart thermostats, and advanced power strips for Iowa customers, in partnership with Focus on Energy for Wisconsin customers.
• Lease My Land Program Program allowing landowners to lease their land to Alliant Energy for renewable energy development, participating in the company's transition to renewable energy.
• My Account Online Portal Online customer portal allowing users to manage energy accounts, pay bills, view usage, report outages, and access energy programs and services.
• Alliant Energy Mobile App Mobile application for iOS and Android enabling account management, bill payment, and outage reporting for residential and business customers.
• Alliant Energy Foundation Community Investment Program Philanthropic community investment program funded by Alliant Energy Corporation, investing in community organizations and initiatives across Iowa and Wisconsin, including the Hometown Care Energy Fund, tree planting (1 million trees by 2030), community grants, scholarships, and TechRefresh.

Quantifiable outcome

• 50% projected electricity demand growth by 2031 from data center expansion
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Nordex GroupcoreStrategic or Co-development Partner · 30 December 2025Nordex Group was awarded contracts by Alliant Energy to supply up to 190 N133 and N163 Delta4000-variant wind turbines for large-scale projects in the Midwest including Iowa, with installation scheduled for 2028 and 2029. Once operational, the turbines will provide up to 1,060 megawatts of capacity. Nordex will manufacture turbines at its facility in West Branch, Iowa.
• Energy DomecoreTechnology or IntegrationEnergy Dome has partnered with Alliant Energy to deploy CO2 battery technology in the United States. The Columbia Energy Storage Project will be the first long-duration energy storage project of its kind in the U.S., storing carbon dioxide in a dome-shaped system to generate electricity on demand.
• FlexGencoreTechnology or IntegrationFlexGen served as software-focused BESS integrator for Alliant Energy, placing two utility-scale battery energy storage projects into operation totaling 700MWh of storage capacity. Projects include 75MW/300MWh Wood County BESS in Wisconsin and 100MW/400MWh Wever BESS in Iowa, both co-located with solar generation.
• LOGISTECminorOthersAlliant Energy's subsidiary Travero sold Logistics Park Dubuque (LPD) to LOGISTEC, a North American logistics provider. The sale enhances LOGISTEC's inland waterways network and access to Midwest markets. LPD is a 100-acre multimodal marine terminal in East Dubuque, Illinois on the Upper Mississippi River.
• HomeServeminorChannel Partner/ Reseller/ DistributorAlliant Energy partnered with HomeServe to help customers with surprise home repairs through protection plans offered to residential customers.
• Focus on EnergycoreStrategic or Co-development PartnerAlliant Energy partners with Focus on Energy for Wisconsin customers, offering energy-efficient products at discounted prices through the Focus on Energy Marketplace, including instant rebates on smart thermostats, LED lighting, and advanced power strips.
• MetacoreStrategic or Co-development PartnerMeta announced a $1 billion data center investment in Beaver Dam, Wisconsin. Alliant Energy will supply 220 megawatts of power over a 10-year term. Meta will donate $15 million to Alliant Energy's Hometown Care Energy Fund and underwrite nearly $200 million in energy network improvements.
• QTS (Quality Technology Services)coreStrategic or Co-development PartnerQTS announced a $10 billion data center campus in Cedar Rapids, Iowa at Big Cedar Industrial Center. Alliant Energy is providing electric service. QTS will contribute up to $18 million over 20 years to a Community Betterment Fund. QTS utilizes water-free cooling systems.
• GooglecoreStrategic or Co-development PartnerGoogle announced a data center project at Big Cedar Industrial Park in Cedar Rapids, Iowa. Google is investing $7 billion in Iowa in cloud and AI infrastructure. Alliant Energy is providing electric service to the project.
• Iowa State UniversityminorStrategic or Co-development PartnerIowa State University researchers conducted a multi-year agrivoltaics study on Alliant Energy's 1.3-megawatt, 10-acre solar farm, finding that vegetables can be grown profitably within operating solar installations.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• WEC Energy Group: Wisconsin-headquartered regulated electric and natural gas utility serving Wisconsin, Illinois, Minnesota, and Michigan. WEC is Alliant's most direct peer given overlapping Wisconsin service territory, similar customer mix, and regulated IOU business model with comparable renewable generation portfolios.
• Xcel Energy: Multi-state regulated utility serving Minnesota, Wisconsin, Colorado, Texas, and other states with a large renewable generation portfolio. Comparable in regulated T&D structure, renewable energy transition strategy, and data center exposure in upper Midwest markets adjacent to Alliant's territory.
• Evergy: Kansas City-based regulated electric utility serving Kansas and Missouri with overlapping Midwest geographic footprint. Comparable in scale (~2 million customers), regulated IOU structure, and exposure to data center demand growth in the central United States.
• Ameren Corporation: Missouri-based regulated electric and natural gas utility serving Missouri and Illinois through Ameren Missouri and Ameren Illinois. Comparable in scale, midwestern regulated utility structure, and active capital investment programs for grid modernization and renewable transition.
• DTE Energy: Michigan-based regulated electric and natural gas utility. Comparable in size, regulated IOU structure serving a single state with diversified generation, and similar capital deployment programs for renewable energy and grid modernization.
• CMS Energy: Michigan-based regulated electric and natural gas utility through Consumers Energy. Comparable in customer scale (~2 million), regulated utility structure, renewable transition strategy, and capital intensity profile.

Regional players

• MidAmerican Energy: Iowa-headquartered regulated utility subsidiary of Berkshire Hathaway serving Iowa, Illinois, Nebraska, and South Dakota. Directly competes with Alliant Energy for Iowa data center load and wind generation resources, with overlapping Iowa service territory.

Broad incumbents

• NextEra Energy: Largest renewable energy generator in North America through NextEra Energy Resources, with regulated utility operations at Florida Power & Light. Comparable in renewable generation strategy and energy storage investments, though much larger scale and broader geographic reach.
• Duke Energy: Largest U.S. regulated electric utility serving the Carolinas, Florida, Indiana, Ohio, and Kentucky. Comparable in regulated IOU structure, significant data center load growth exposure (especially in the Carolinas), and large-scale renewable transition programs.

Emerging players

• Vistra Corp: Independent power producer and competitive retail electricity provider with large data center customer base in Texas (including a major deal with Microsoft). Comparable in data center hyperscaler exposure and IPP/competitive supply business model, though not a regulated IOU.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/alliantenergy
• Facebookfacebook.com/AlliantEnergy
• LinkedInlinkedin.com/company/alliant-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alliant Energy