Alliant targets 1 GW of new data-center contracts in six months as power demand surges

Oct 30 : Alliant Energy expects to sign contracts for about 1 gigawatt of additional data-center demand within six months, its finance chief said on Friday, as rising AI use and growing electrification push US power demand to record highs.

The new load would add to the 3.4 GW that Alliant has already contracted with Alphabet's Google, Meta Platforms and Blackstone-backed QTS Data Centers.

Earnings growth could exceed the company's 8 per cent target if capital spending rises further to support future load growth and other investment opportunities, Chief Financial Officer Robert Durian said on a post-earnings call.

"We continue to work on what I'll call capital upside for different opportunities, including the additional load growth that we may see from the data center prospects that we have," Durian said.

US electricity consumption hit an all-time high in 2025 and is expected to continue rising this year and the next as data-center capacity expands with rapid AI adoption, alongside growing electrification, according to the US Energy Information Administration.

The additional 1 GW is expected to begin ramping up between 2029 and 2031, with related investments spread across the company's current planning horizon and beyond, Durian said.

Alliant also expects Meta to begin taking transmission service in Wisconsin in the first quarter of 2027, marking an early step in its expanding pipeline of large-load developments.

On Thursday, the Madison, Wisconsin-based utility raised its four-year capital expenditure forecast by 19 per cent to $15.9 billion between 2027 and 2030, with peak demand across its system expected to increase by more than 60 per cent by 2031.

It also narrowed its 2026 earnings outlook to the upper half of its prior range and issued 2027 guidance of $3.63 to $3.73 per share. The midpoint was in line with Wall Street expectations, according to data compiled by LSEG.

Alliant Energy serves roughly 1 million electric and 427,000 natural gas customers across Iowa and Wisconsin.