ALLIANT ENERGY CORP (LNT)

Alliant Energy Corporation, headquartered in Madison, Wisconsin, is a regulated investor-owned public utility holding company serving approximately 1,000,000 electric and 430,000 natural gas customers in the Midwest through two subsidiaries: Interstate Power and Light Company (IPL), which provides electric and gas service to roughly 500,000 and 230,000 retail customers in Iowa, plus wholesale electricity sales in Minnesota, Illinois, and Iowa and steam service in Cedar Rapids; and Wisconsin Power and Light Company (WPL), which serves about 500,000 electric and 200,000 gas retail customers in Wisconsin along with wholesale electric sales. Corporate Services provides administrative support across the enterprise, while non-utility operations are housed under Alliant Energy Finance (AEF), which holds interests in American Transmission Company (ATC) and related transmission joint ventures, corporate venture investments in energy technology funds, a 50% stake in an Oklahoma wind farm, the leased Sheboygan Falls natural gas-fired generating facility, the Travero supply chain/rail freight business, and development-ready industrial sites. As of December 31, 2024, the company employed 2,998 people, with a majority of IPL and WPL bargaining-unit employees covered by IBEW collective bargaining agreements expiring in 2028 and 2026, respectively; the company emphasizes safety culture, competitive total rewards, employee engagement, and workforce development programs including apprenticeships and internships.

Alliant Energy and its utility subsidiaries are extensively regulated at the federal level by FERC (under the Public Utility Holding Company Act, Federal Power Act, and Natural Gas Act) and NERC/MRO reliability standards, and at the state level by the Iowa Utilities Commission (IUC) and the Public Service Commission of Wisconsin (PSCW), which oversee retail rates, generation and pipeline approvals, advance rate-making principles, and energy efficiency programs; IPL recently secured a retail electric rate moratorium from October 2025 through September 2029. The company also faces significant environmental regulation, including EPA rules under the Clean Air Act (Sections 111(b) and 111(d)) affecting coal- and gas-fired generating units, the Cross-State Air Pollution Rule, new source performance standards for combustion turbines, effluent limitation guidelines, and the Coal Combustion Residuals Rule, all of which could materially affect future operations and costs, alongside state renewable energy standards that IPL and WPL currently exceed. Electric operations show seasonal demand peaks in summer and winter, with generation supplied through owned units, power purchase agreements, and wholesale market purchases, and the company is transitioning its fuel mix toward more wind, solar, storage, and natural gas while planning conversions of certain coal units; IPL and WPL must maintain MISO-mandated seasonal capacity reserve margins, which are rising sharply through 2026, and are addressing this through additional generation investments.

Overall, while retail electric competition is limited by regulatory frameworks in Iowa and Wisconsin, the utilities face competitive pressures from self-generation, distributed energy resources, municipalization petitions, and wholesale market participants, and continue to focus on affordability, reliability, and sustainability as core strategic priorities.