Alliant Energy Corp. Q1 FY2025 earnings call

• 2025 has started strong with more than 25% of 2025 earnings guidance midpoint achieved.
• Significant data center progress: 3 major data center developments with fully executed ESAs totaling 2.1 gigawatts of demand, a >30% increase in peak demand.
• Updated capital expenditure plan shows nearly 26% increase from 18 months ago, with a 2024 to 2028 forecasted investment CAGR of nearly 11%.
• Progress in regulatory matters: Filing ICRs for data centers and rate reviews in Wisconsin and Iowa.
• Employees' efforts: Safe harboring of renewable and energy storage projects, mitigating tariff exposure, and selling capacity in MISO auction.

Alliant Energy Corporation reported first quarter 2025 earnings of $0.83 per share, compared to $0.62 per share in the first quarter of 2024. Revenue contribution details by product segment weren't explicitly broken down, but the company highlighted progress in data center developments which are expected to boost energy sales. The company's updated demand projections influenced the capital expenditure plan, with potential incremental load served through existing or new resources, short-term market purchases, and/or load response.

• Reaffirmed 2025 earnings guidance range of $3.15 to $3.25 per share.
• Updated capital expenditure plan has a nearly 26% increase from 18 months ago, with a 2024 to 2028 forecasted investment CAGR of nearly 11%.

• Risks associated with forward-looking statements, including matters discussed in news release and SEC filings.
• Potential impact of legislative changes affecting tax credits, such as repeal of IRA or scaling back tax credits.

Q: Could you share a general timeline for converting mature opportunities to contracts and breakdown of how to serve those mature opportunities between existing and new generation?

A: We have near-term length and are using it to accelerate load growth. It's an all-of-the-above solution with short-term PPAs, new developments, and evaluating existing generation to get more capacity.

Q: Does the safe harboring work mean the Iowa stay out clause is off the table?

A: We're focused on activities to avoid needing to go back in, advocating for beneficial legislation, and accelerating load growth to prevent the need.

Q: Do the ICR structures provide an opportunity for a similar stay out in Wisconsin as in Iowa?

A: WPL's regulatory construct has them come in every two years, working to grow the business and reduce costs to achieve similar results.

Q: How do you view potential ROFR legislation in Wisconsin and its effect on CapEx?

A: ROFR legislation may affect ATC's investment opportunities, but none is reflected in the current CapEx plan as many projects are in outer years.