Reaffirmed 2026 guidance, trending in upper half
Guidance tone
Alliant Energy's Q2 2026 call focused on the rapid acceleration of large data center customer loads (Google, QTS, Meta) and the potential for an uplifted, more specific long-term growth outlook at the Q3 update. Management reiterated 2026 guidance, trending to the upper half, and discussed extending its Iowa rate freeze. Reaffirmed 2026 EPS guidance, trending to the upper half of the range after a strong Q2.
Alliant Energy's Q2 2026 call focused on the rapid acceleration of large data center customer loads (Google, QTS, Meta) and the potential for an uplifted, more specific long-term growth outlook at the Q3 update. Management reiterated 2026 guidance, trending to the upper half, and discussed extending its Iowa rate freeze. Reaffirmed 2026 EPS guidance, trending to the upper half of the range after a strong Q2.
Guidance tone
Management expressed strong execution and reaffirmed guidance while highlighting positive developments in data center load growth and regulatory approvals.
Data center load growth exceeds expectations, 60% demand increase by 2031. Management expressed strong execution and reaffirmed guidance while highlighting positive developments in data center load growth and regulatory approvals.
QTS Cedar Rapids is ramping ahead of schedule (load acceleration), with over 40MW already online.
AI is not discussed in the transcript.
Data center load growth exceeds expectations, 60% demand increase by 2031. Management expressed strong execution and reaffirmed guidance while highlighting positive developments in data center load growth and regulatory approvals.
Management reaffirmed its long-term capital investment plan, highlighting significant progress in advancing generation projects (e.g., Bobcat Energy Center, Rice Project, Riverhawk, Morgan Valley) and updating the capital expenditure plan on the third quarter call. They emphasized proactive financing, having raised ~$1.8 billion of the $2.4 billion equity needs through 2029.
Management expressed strong execution and reaffirmed guidance while highlighting positive developments in data center load growth and regulatory approvals.
“we have a commitment to stay out of rate reviews in Iowa for our retail electric business through 2029. And we really are focused right now on trying to add more data centers and trying to accelerate load. The combination of that too could…”
“we have over 10,000 workers in that city... That's driving more hotel usage, more restaurant usage and other things. And so we're seeing some of the ancillary benefits of some of that data center development activities”
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2029 | 7% | 7% | GUIDED |
| EPS | FY2026 | $2.79–$2.93 | $2.86 | MAINTAINED |
Google's data center in Iowa is live and ramping as contracted, indicating continued strong demand for power in Alliant's territory.
“In Cedar Rapids, Iowa, Google has energized their transmission service. They are anticipating ramping in accordance with a contracted load schedule.”
… regulation, flexible resource planning and disciplined execution in a way that benefits customers, communities and share owners. As previously announced, our efforts to date have resulted in an expectation of driving a 60% increase in our demand by 2031 through five executed electric service agreements with large load customers. Three of these large loads are already under active construction with commission-approved contracts. In Cedar Rapids, Iowa, Google has energized their transmission service. They are anticipating ramping in accordance with a contracted load schedule. Also in Cedar Rapids, QTS continues to make substantial progress on construction of its seven-building data center campus with initial energization of 300 megawatts anticipated later this year. In Beaver Dam, Wisconsin, META has entered the vertical construction phase with work actively progressing on data center facilities and supporting infrastructure. We are also encouraged by continued progress on future large load opportunities. QTS remains active in development of its second Iowa project in Clinton. We plan to file the ICR for this 900 megawatt project later this year. Our recently signed 370 …
Meta's Wisconsin data center is in vertical construction, keeping its planned load ramp on track.
“In Beaver Dam, Wisconsin, META has entered the vertical construction phase with work actively progressing on data center facilities and supporting infrastructure.”
… large loads are already under active construction with commission-approved contracts. In Cedar Rapids, Iowa, Google has energized their transmission service. They are anticipating ramping in accordance with a contracted load schedule. Also in Cedar Rapids, QTS continues to make substantial progress on construction of its seven-building data center campus with initial energization of 300 megawatts anticipated later this year. In Beaver Dam, Wisconsin, META has entered the vertical construction phase with work actively progressing on data center facilities and supporting infrastructure. We are also encouraged by continued progress on future large load opportunities. QTS remains active in development of its second Iowa project in Clinton. We plan to file the ICR for this 900 megawatt project later this year. Our recently signed 370 megawatt data center agreement in Iowa announced on our Q1 call marks continued progress on our customer pipeline that currently represents between 2 and 4 gigawatts of potential future load. And as always, each of these loads are responsible for their cost of service while helping ensure existing customers benefit from growth opportunities without …
QTS's accelerated ramp will increase Alliant's revenues and reduce the need to use tax credits, potentially allowing a longer rate case stay-out.
“QTS continues to make substantial progress on construction of its seven-building data center campus with initial energization of 300 megawatts anticipated later this year.”
… have resulted in an expectation of driving a 60% increase in our demand by 2031 through five executed electric service agreements with large load customers. Three of these large loads are already under active construction with commission-approved contracts. In Cedar Rapids, Iowa, Google has energized their transmission service. They are anticipating ramping in accordance with a contracted load schedule. Also in Cedar Rapids, QTS continues to make substantial progress on construction of its seven-building data center campus with initial energization of 300 megawatts anticipated later this year. In Beaver Dam, Wisconsin, META has entered the vertical construction phase with work actively progressing on data center facilities and supporting infrastructure. We are also encouraged by continued progress on future large load opportunities. QTS remains active in development of its second Iowa project in Clinton. We plan to file the ICR for this 900 megawatt project later this year. Our recently signed 370 megawatt data center agreement in Iowa announced on our Q1 call marks continued progress on our customer pipeline that currently represents between 2 and 4 gigawatts of potential …