Alliant Energy (LNT) Investor presentation summary

Business overview and growth strategy

• Over 95% of earnings come from regulated operations, serving 1 million electric and 430,000 gas customers with a $14.2B rate base in 2024.

• Among the largest regulated wind and solar owner-operators, with 44% of 2024 energy from renewables and 32% of rate base from owned renewables.

• Ten-year compound annual growth rate of 6% in earnings, targeting 5–7% long-term growth.

• Constructive regulatory environments and strong customer base in resilient industries support growth.

• Over 3 GW of renewable resources and 28% of distribution lines underground enhance reliability.

Investment and capital plans

• Four-year capital expenditure plan of $11.5B (2025–2028) supports an 11% investment CAGR, with projected rate base growing from $15.3B in 2024 to $22.9B in 2028.

• Major investments in renewables, energy storage (~800 MW by 2027), and wind (~750 MW by 2028), with $7.7B allocated to energy resource investments.

• Tax credits of $1.5B through 2028 are expected to be fully transferable, supporting financing and rate stability.

• Balanced funding approach: 40% new debt, 35% cash from operations, 13% tax credit monetization, and 12% equity.

• Debt financing plans align with capex growth and upcoming maturities, with flexibility to adapt to regulatory or legislative changes.

Regulatory and economic development

• Constructive regulatory frameworks in Iowa and Wisconsin enable growth, affordability, and earnings stability.

• Iowa's innovative settlement allows retention of tax credits and stable base rates; Wisconsin supports economic development with individual customer rates and tax exemptions.

• Multiple regulatory proceedings in 2025–2026 for new generation, storage, and rate reviews.

• Economic development initiatives attract data centers and large businesses, with tailored rate structures and incentives.